Ann: Trading Halt Request , page-16

Hi hard man,

I have no idea what price the CR will be at however in my opinion there is a realistic chance it will be at or above 2c.

Even if it is only 50M shares being allocated (suspect it will be more) to raise around $1M or so, I don't believe anyone could buy this many shares on market prior to the rollout announcement without pushing the price significantly higher.

I assume the sophisticated investors had a personal briefing from CEO and gleaned sufficient confidence to invest their hard earned in PIE. You could also assume that the much hoped for Telstra rollout announcement was pivotal to their decision.

Now, if I am the SI, I might consider paying 2.2c - 2.3c for a large parcel for the following reasons:

- If I had to buy on market, their is every chance my average price is over 3c.

- Such a move would be a very strong signal to the market and may see me in the black quickly.

There is a very real prospect that some large investors want to get into PIE but the lack of liquidity/volume would see them driving the price up on themselves.

Probably wishful thinking and I tend to feel this is less likley than more, but it is certainly possible.

As an aside, I was also wondering if this CR might assist PIE to improve their negotiating position on pricing with Telstra.

Cheers & good luck

TT