hopefully the first of many, page-44

Sydney. I've been out of the loop for a few years but have been revisiting market sensitive announcements. Not long after they are announced, UNS raises capital. Examples - Director intentions to buy shares, this Unifill agreement, the recent CC. It appears to be a modus operandi which is fine.

I just hope that there is substance to the announcements and that they are not being driven by a requirement to raise capital.

With this in mind I think that we will see a very large drawdown on the ATM after the next announcement. Not necessarily a bad thing. However I will be looking VERY closely at the deal and keep in mind this 1 year old deal which we have heard nothing about since.