Ann: Update to Replacement Prospectus for Entitlement Offer, page-5

Read the notice and you would not be given that impression - rather per its release, the ASX is requiring to put extra caveats and clarification on the present one. The ASX is doing a massive sit on the fence to any future developments and will be able to say "we gave investors opportunity to pull out". Its ill devised and not without effect. The very act changes sentiment towards withdrawal.

Prior to the ASX periodic reporting failures (and suspension from quotation) many investors previously would be eager to get on board with the entitlements (and the company's funding more assured) given the surprise Singapore and Vietnamese approvals (what a shame they were not prior to management's debacle of an entitlement scheme) that sent the stock from a 6.5 cent close to a 75.5 cents high when it was available for trading. Now following the periodic reporting failures (that have nothing to do with the corporate action - asides sharing more managerial incompentency and making good commentary fodder for Hot Copper) investors will be more likely to pull back their cash, merely because that the ASX has offered that facility, thus sowing doubt that it is even offered - confirmation bias that there must be something amiss.

We know this lot did awful capital management; came up with a couple of terribly devised corporate action schemes in haste to raise cash; (like other companies) failed in their periodic reporting duty; and got Singapore/Vietnamese mkt approvals. Only the latter two were not really known before this action started (both were ongoing). One has scared a truckload of Hot Copper commentators to dooming it to ASX delisting (big difference to suspension of quotation) and the other has lessened the likelihood of delisting due to it no longer being a going concern - that was a very real likelihood before all of this, that has been reduced by the approvals.

I will not personally be pulling my entitlement application, knowing it a very big risk, that has arguably in part been made more risky by the ASX allowing people to pull funds post - that is a deviation from normal entitlement operation. Its was a shoddy entitlement that I personally flagged to the ASX from day one and should have been delayed until corrected. The withdrawal post ad hoc amendment option by the ASX only makes it shoddier - shutting the gate after the horse has bolted.