Ann: Ceasing to be a substantial holder, page-25

Interesting their bulk selling started in April once the Capital Raising was announced, perhaps they are making way for the 2 large cornerstone investors for the $4.4m being raised at 8c.

Most of their selling also started when the general markets turned south, perhaps they decided to mitigate their risk/exposure or as someone noted for tax purposes, many sell this time of year for tax reasons and then start buying back.

Either way good to know where all this supply has been coming from and good that it's probably now finished, but a good part recently has been brokers/funds holding it down before the closing date of the SPP.

The more positive aspect is the $7m Capital Raise at 8c with $4.4m going to two cornerstone investors.

Should start to see a nice rise coming next week as tomorrow 28th April is the closing date of the placement and likely someone is wanting to pick up any shortfall in the capital raise as it already seems many retailers are buying on market rather than taking up their rights issue, another reason to drive the price below the CR level.

These two cornerstone investors are obviously quite keen on the stock given they are fronting up a total of $4.4m so if they can pick up any shortfall they are definitely going to want to.

As noted with the placement closing tomorrow, next week should start seeing things push on, tomorrow could be interesting to see whether there will be a final shakeout attempt for anything lower or if it will be pushed higher.