Ann: Underwritten Rights Issue , page-5

I agree Jukes, which is why dumped my shares months ago.

The delay by PAX to have a CR (which was inevitable) always had me concerned - that they perhaps could not get anyone interested. This rights issue is only partially underwritten and has required sweeteners for the underwriter.

How long is $3.6m going to last anyway - will it be enough to have one project in Indonesia producing electricity?

If the CR is a flop, they are guaranteed $2m - will that be enough to have one project in Indonesia producing electricity?

Last QTR alone, they spent $518,000 just on administration costs. Previous QTR it was $455,000. Nearly $1m for 6months - $2m for a year. If those figures are indicative of future spending, how much is left for the project?

If they miraculously get a project running within a year, will the revenue stream hit the bank fast enough avoid another CR?