Ann: Successful Completion of Placement & Institutional Offer, page-6

Joel

I could be wrong: the announcement on Monday talked of


But the announcement today stated that


and the announcement today goes on to state


It seems to me in today's announcement they have jumbled the placement to institutions and the entitlement offer to institutions together. Or at least, in today's announcement they separated the institutional portion of the entitlement offer from the retail portion whereas in Monday's announcement they combined the two.

So the placement to institutions announced today is as stated on Monday, ie $8.6m, but they also in the last couple of days have run the entitlement offer for institutions now rather than later together with the entitlement offer for the hoi polloi.

Does that mean that the institutions will have their new shares to trade with during March when the entitlement offer for retail holders is still on foot? Not sure, probably of no impact on me anyway. (sorry if all that makes no sense, I've had a few cracks at editing it and it still reads like rubbish).