The intentions of Mr Ostergaard were set out in the prospectus on 26 September, page 16 "Mr Ostergaard does not intend to take up his Entitlement, which will reduce his voting power to a maximum of 12.9% on an undiluted basis."
Unfortunately the way the timing has fallen it was not foreseeable. The last date to extend was Tuesday. At that stage there is no signed contract from Spark, it did not come in until after the deadline to extend.
Ann: Norwood Investor Webinair Q&A - Tuesday 11 December 2018, page-7
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