Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-17

Main reason the retail CR was unsuccessful last time round was the long wait between when insto's are offered the stock and when retail are offered. By the time the retail deadline was reached, the share price was sold down to under the offer price. Not really a comparable and fair process but that is how all CR's are done. I was keen to participate but when the share price falls to under the offer price, why would one participate. I can assure you that any insto would have not participated if the offer price was above the market price.