share purchase, page-12

Salsalsphinx

Given the US downgrade I would expect that there will continue to be volatility in the markets. There is no harm in putting in a buy trade for sub 67 cents for the equivalent of the rights issue (ie depends on your brokerage costs). If:

- the trade is filled then you have picked them up for less than GBG is offering them for, and then you would not pay for the rights issue; or
- you don't fill your trade then make a Bpay payment on 11 August and you get them for 67 cents.

The concern is if the underwriting agreement is terminated between now and 22 August, and the ultimate implications, which is quite disconcerting in this market.