Ann: Preliminary Final Report , page-11

"Who is going to pay for the " the construction of a 6000 t.p.a plant"

Interesting question, amazed.

I reflected up ESI's most recent capital raising when I thought about an answer. The capital raising was unusal on two counts:
1) It was flagged well before the record day so whoever wanted in, had a chance to be on the books.
2) It allowed the little guy to participate and actually showed favor to smaller holders.

If we apply the same principles to a new raising but this time as a pro-rata rights issue (rather than an insto placement) we could see a lot of options converted so that people can participate. This would give ESI a "double whammy" from the capital raising. It also saves them paying Intersuisse to convert options.