Ann: Application for quotation of securities - 3DP, page-18

Last week's smash and grab appears to have run its course. Or is it too early to say? Two weeks being a long time in the arcane world of ASX SPP's.

With a sub-par SP it might seem likely the SPP will have a low uptake. But approx 45M shares (including CBOE) went through last week, nearly 7% SOI. Not saying it all went to one place, but there was no shortage of appetite for them either. Especially the way it found immediate support and rebounded on the one occasion it broke 9 cents. Someone sees value. Seemed less like capitulation than the SP getting smashed by the irresistible force of a pile driver. Had there been total panic selling to get out at all costs it would likely have continued further down, and possibly stayed there. Didn't happen. With a rebound in cash receipts likely in a few short weeks, possibly with material news updates, it all seems a bit too organised.

They appear to have enough existing capacity to place any shortfall without shareholder approval. And SPPs aren't necessarily restricted to retail. The company can take oversubs or scale back, (unlikely). They had no trouble filling the $2M placement at 12 cents, wouldn't surprise to see any shortfall placed.

Then again...

Otherwise know as an each-way bet.

Hard work being a corporate genius.