Ann: Trading Halt , page-55

Before I comment on what Knick posted about sophisticated investors, what is a sophisticated investor?

"Certificates issued by a qualified accountant

Generally people buying securities and other financial products must, under the Corporations Act 2001(the Corporations Act), be given a regulated disclosure document such as a prospectus or product disclosure statement. However, the Act has some exemptions from these requirements.

One of those exemptions is the offering of financial products to a person (either a natural person or a legal person) who is the subject of a current certificate from a qualified accountant certifying they have a prescribed net asset or gross income level....

.... A person is only eligible to be the subject of a certificate if they have:

a gross income of $250,000 or more per annum in each of the previous two years or
net assets of at least $2.5 million (reg 6D.2.03 and reg 7.1.28)."

The above is from http://www.asic.gov.au/asic/asic.nsf/byheadline/Certificates+issued+by+a+qualified+accountant?openDocument

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As you can see from the above, one does not have to be particularly wealthy to qualify as a "sophisticated investor.'

Knick, you made the following comment about Sophisticated Investors.

"they are being offered shares at a price lower than the current value, which means if they did have existing shares, they would sell them anyway."

I disagree with your comment. There is no logical reason why a sophisticated investor would necessarily sell their IGR shares to crystalise a capital gain in order to provide funds to purchase the new IGR shares offered at a small discount to the current market price and at the same time dilute their percentage share holding in IGR.