Ann: Appendix 4C - quarterly-CDY.AX, page-5

CDY presumably couldn't really start meaningfully negotiating a private placement until maybe last Tuesday-Wednesday when they knew exactly how many options had been converted. Often the wheels are well in motion prior to the trading halt through confidential market soundings which may not have been possible due to uncertainty around option conversion rate. Have you worked in corporate advisory? What are you basing your opinion of what is a reasonable time to negotiate a placement on?

CDY had to enter suspension as trading halt is maximum 2 days. I really don't see that it is a major issue that it might take a few extra days to negotiate the placement.