Ann: $15m raised to fund Well Test & Cabora Bassa Operations, page-84

Rights and SPPs are different. SPPs allow every eligible shareholder to apply for up to $30k of stock. These are frequently scaled back. RIghts mean that shareholders are eligible for a set amount of shares based on their holding. The current numbers being bandied around are roughly 1:12 meaning eligible shareholders are entitled to purchase 1 new share for every 12 shares that they currently hold. There are different ways that these are handled. Sometimes they are renounceable meaning you can buy or sell rights onmarket which helps the unwanted rights get purchased by someone who does want them. Other times, shareholders are able to apply for shortfall which means they can purchase any stock not taken up. Shortfall applications are also frequently scaled back. Almost always the rights issue is underwritten so if there are any surplus will be taken up by underwriters. We need to see the details when the rights issue is announced. Using underwriters means the company is able to determine what ratio they need to use to get the amount they want to raise. Hope that helps.