Ann: $25 million Institutional Placement, page-7

Exactly. It was knocked down from 48c.

"Corporate costs of $9 million". Sorry but that's exorbitant.

Said it yesterday, this was a means to get institutional investors in when they missed the boat. There's nothing new here- there was no need to raise these funds now at 40c. They had a large capital buffer, the raise could have happened in the March quarter of next year post further drilling results and quite probably at much higher prices. I think this was poorly done for the benefit of institutional 'mates'. Not happy but it's the way corporates work, insiders usually get the running as has happened here.