Ann: Retail Entitlement Offer and Shortfall Placement Completion, page-5

Yes, @vango, to put that in numbers, in the 27 Nov announcement, Doug will hold a max of about 150M shares after this exercise. The last substantial shareholder announcement, he holds 105M. I would assume he will get 45M of the retail sub-underwriting shares.

Total shares to underwriters is 79M, that leaves 34M floating. If Oldendorff or institutional holders take another large chunk, we should see 8c as a bottom.

27.9% retail take up shows a pretty low trust and confidence level in the market, but at the same time, there are a portion of ineligible holders whose addresses are outside Australia and NZ, and many I have spoken to just not have the resources to top up. Whatever it is, Doug, Tom and their team only have the next 2 quarters to win back the trust.