Ann: Appendix 7-NTL.NZ, page-2

This is a renounceable rights issue of 3 rights per 1 share held.

Shares will be able to be purchased at .5 cents per share.

I will do some research on the NZX Listing Rules but my initial thoughts are that this is the last opportunity for shareholders to partake in substantive capital raising.

My feeling is that the shortfall will be snapped up by Amer International

(and that, in my view, is a good thing)