Ann: Results of Non-Renounceable Entitlement Offer, page-9

Another way of looking at the uptake of the offer is that the brokers/underwriters were confident that they could place not just the original $1.7m placement but also any shortfall in entitlement uptake. Because that is what they will do .. place the shortfall with their clients. So it becomes a $3m placement and a $2m shareholder buyin. At least management won’t cop any flack for just doing a placement only. We had our chance.

I don’t think BML would be too surprised by the result in the current climate. If they had offtakes and finance announced it would have been a totally different outcome IMHO.

H