Ann: Equity Raising Presentation, page-37

What probably happened is that when Management went on its roadshow, they spoke to both debt and equity markets and had some key equity investors say ‘hey, we want in but we don’t want you to take on debt yet, and we want another option to pick up more equity later on’. What will be interesting will be to see who ends up on the share registry post the equity raise as this may have been a deciding factor in heading down the ‘sophisticated’ equity raise path.

I would have preferred a retail offering so as to limit dilution.