Ann: Appendix 3Y Change in MD options, page-9

This company is well run except for the bad advice they had chasing the franking credits ... If they do a cap raising I will not only follow but buy more. Yes margins are down but really they get the work because they can do it. They feed at the lower end and have good relationships. Personally I think they will get most of the $7 million and if not then the CR.

The banking covenants - are only an issue if they dont get the $7 million.