Ann: NOTIFICATION OF LEVEL OF SUBSCRIPTION UNDER NZX LISTING RULE, page-9

OGOG probably would have liked to have seen a lower take up in the oversubscription by the minority shareholders .
Never the less their underwriting allowed them to increase their ownership percentage and get closer to the strategic 75% level .
I bought a minimum parcel of shares to possibly partake in the CR .

I think the price looked attractive but the uncertainty of when OGOG would make a move ( they might sit pat for years and wait for the next oil crash ) and the absolute present lack of liquidity stopped me from taking up any shares .

I will not sell my minimal parcel because I doubt that this will be the last time that they will raise credit this way .

Why would you buy shares off minority holders at a premium to the Market price when you can creep up the register by buying shares at a discount to the Market price ?



Doubt that CUE will be doing any credit raises as NZO will loan them the capital they will need .
Any equity funding will be done within NZO .