Ann: GBR Entitlement Offer Prospectus, page-14

Depends why you are asking. In terms of ability to subscribe for overs, some holders will not take up their allocations for various reasons which means there will be some availability for those who want to subscribe for more than their allocated share.

If you are asking whether they will meet their target I would say most definitely, considering $2,500,000 is already underwritten, so they only need to place $1,000,000, or 12.1 million shares as a worst case.

In a best case scenario, if they were to release results and the price were to move up from the issue price then we would most likely be well oversubscribed if we include overs. There are always some holders who do not take up rights, that is normal.

GBR are inviting shareholders to take up an additional 42 million shares and current weakness is probably due to some holders cashing in a part of their holdings to raise the cash to take up the placement.