Ann: NRW Acquisition & Placement, page-12

Yes that is correct Sabine. The Offer in the mail will offer various payment options but BPAY seems to work well.

Interestingly, the NWH SPP may take into account:
* the size of shareholding;
* the extent to which eligible shareholders have sold or bought additional shares after the Record Date;
* the date an application was made

The Placement bookbuild finishes at 5pm today and is in the range $0.64-0.68 - we should know soon.

Let's say the Placement price is $0.66 - this becomes the SPP price I think.

If you are a Retail investor, you will be diluted if you take up the $10,000 but hold more than 125219 shares $10,000/$0.66/12.1%).

The Record Date was 11/8 (last Friday). Let's say the NWH share price is $0.70 tomorrow. A common arbitrage strategy is to sell $10,000 worth shares at $0.70 ... knowing that these share can be bought back at $0.66 through the SPP ... a guaranteed profit (depending on CGT issues).

However NWH are saying that they have the option of whacking you if you use this strategy? That is, you might sell $10,000 worth of shares but NWH will not guarantee that you can buy $10,000 through the SPP.

Ah the joys of being a retail investor!