Ann: Appendix 4G, page-4

There is a very simple way of telling whether people want to buy "as much of that as possible" and that is the size of the discount on offer compared to the market price. Large stable companies will usually offer discounts around the 5% mark, while smaller companies will often be around the 10% mark for capital raisings.

In YPB's case the discount is between 50-75%, depending on whether the price is 0.1c or 0.2c. This discount is the largest I have seen in 40 years of investing and reveals how much trouble this company is in. A discount of this size is intended to draw in speculators and even though my valuation of the company is zero I would take them up at this price.

My strategy would be to either dump them immediately at 0.1c and make 100% in a day or try and gradually sell of 25% of the shares at 0.2c and get my stake back as quickly as possible and then just see what happens. In either case, existing shareholders would have made a big donation to my personal cause as they keep doing to JH's personal cause, as every few months they watch part of their ownership sold off in capital raisings at progressively lower prices.