Ann: Notice of Annual General Meeting/Proxy Form, page-9

The way it’s set up,doesn’t matter what the SP does at these levels, it’ll get (or very close to) itsUSD40m deployed for 19.99% just due to the number of securities to be issued.

At 4c on a AUD$240mraise, fully diluted shares are 7.4B.POSCO at 1.5B.

But your point is notlost on me, why pay USD$40m for ~ 20% when you could give existing holders 10cand its only costing you USD$35m more for take the entire thing.

They’ve got my sharesat 10c….i’d be breaking even.

I suspect POSCO justwant the offtake rather than total control/ownership but at this rate, I’m notsure the greatest team in the world could raise Aud$240m for a $40m market capcompany