Ann: Capital Raise, page-32

With only 4m in the pot for the spp, at $15k max that would be a grand total of 266 shareholders getting max fill. In the last annual report there were 1,400 shareholders with greater than 100k shares and a further 4,000 shareholders with between 10,000 and 100,000.

I appreciate not everyone will participate but given the discount at 13c, good chance of being oversubscribed and therefore certainly a chance of a hefty scaleback.

Conceptually i am sure many shareholders would have preferred a pro rata rights issue to raise all $20m, with an underwriter in the background to share the spoils @13c if there had have been a shortfall. Whilst realistically all $20m may have not come from current shareholders my guess is @13c current shareholders would have come up with more than $4m.

Anyhow, as they say, what’s done is done, but it does feel like the existing shareholder base have been gipped a bit in this one and the new 13c club have done pretty well.