Ann: Becoming a substantial holder, page-34

I disagree with the general comments about how the share price was much higher, the price on that particular day was higher, the vwap was around 1.3. The volatility was very high after such a move and to pinpoint the overinflated price at any one point is arbitrary and misleading. The price came back below the raise price anyway so I don’t think there’s any way the raise was too low. I do think they could have raised the same amount of money by issuing shares to a more broad spectrum of investors at 1.6 for example but that would have done a lot more damage to the share price down the track.