Ann: Rights Issue, page-141

Hi J

I thought the announcement was definite that CDU was seeking to undertake a rights issue on the general terms as outlined but it was careful to spell out that there was actually no formal agreements in place (hence they made is a KEY MILESTONE/DATe) and that is was only a plan which was based on "indications" only yada yada yada but if formalised here is the key dates to realise the plan.

If there is no step 2 formal agreement', there will be no fully underwritten rights issue relating to the announcement is my understanding (not to say it wont be formalised, but date missed already and they have been working closely for months, first it was a loan now a rights issue, who knows what next QTR if there is no formalisation)

on top of that, the company says it then reserves the right to change the idea of the plan or withdraw it. So imo, if the company reserves that right I guess those indicating they will underwrite it or participate probably did the same.

Hence I didn't take it to be a definite agreement, just a plan for a rights issue, which they are working on trying to formalise.


Indicating your intentions to a plan without formal agreements is a bit like a non binding offer, pretty much meaningless imo until it is formalised and exchanged

just my opinion only, Im not a lawyer, just a long term unemployed porn actor hoping that after 35 years of applications I get the first call.... (HC keeps me busy whilst Im waiting)

Only time will tell, but if it was definite imo there would not have been STEP 2/ KEY date and no explicit disclaimer that it could be varied or withdrawn imo,,,,