Ann: Application for quotation of securities - PAR, page-18

Evening all,

Can someone with experience in Capital Raises and ASX listing rules 7.1 and 7.1A comment re the 15% cap rule on Share Placements?

My understanding is that non ASX300 companies cannot issue any more than 15% of their total shares on hand (in any rolling 12 month period) using a Placement without a successful vote on a resolution at an AGM?

My question is does the 15% cap rule only apply to Institutional Placements? Or does the 15% rule apply to all share issues including Placements and Retail Issues/Entitlements?

If the answer is Yes and the 15% cap rule applies to all share issues including placements and rights/entitlement issues then in the event we have to raise we will have to wait until the AGM for a vote for any raise in excess of approx 34M shares. (ie 15% of 229M shares)

Hopefully we wont have to raise and instead a positive announcement re 008 topline comes out in late September with perhaps an MPS deal or TGA provisional application.

Regardless I would still like to know how the 15% rule works?