Ann: Investor Presentation, page-35

that is the problem with the system and the continuous disclosure rules which effectively cannot be followed becuase as a company you go out and source the funds and when your there or nearly there from the instos and sophs who have basically given u the nod they will participate (the term sheet) - the word is obviously already out, but the Co cannot go into TH UNTIL they have those nods i suspect - becuase if you went into a TH saying you are going to do a CR and then cannot get the funds - well look out below.

so the sp goes down on either the fact they are doing a CR or even just on the speculation that they might do a CR

either way it is VERY EXPENSIVE CAPITAL becuase of the huge discount in effect BEFORE ANYTHING actually happens - ie TEG at 2.5c - if hey do a CR at 1.6c that is huge. if they do a CR from today the discount from todays price doesnt look so bad AND is within the limits of the discounts set by the ASX

it is one hell of a lop sided trade in the end