Whatshername As a shareholder in BWX, you have an entitlement to...

Whatshername

As a shareholder in BWX, you have an entitlement to buy new shares at an agreed price, which is $5.92. You can buy 1 new share for every 5.7 shares that you owned at a particular date.

You can also sell that entitlement.

The large shareholders have done this process and the sale of those entitlements where sold via a book-build over the past few days. The final price was $1.08 per entitlement. When added to the issue price of $5.92 that gives you the $7 price which is mentioned in the press release.

The retail offer will open shortly and this will go through a similar phase, where you can sell or trade the entitlement or pay the $5.92 and get another share. The entitlement value may be higher or lower than the $1.08 price.

I hope this is clear.

Cheers, AL