Ann: Chairman's Presentation, page-2

I think it was unwise to ever mention a cap raising to the market, best to just let price rise and spring it on market unawares.

Way I see it if they can get SP to $2 that's a market cap of $260 million with 130 million shares on issue. EPS are 15 c ($20 million NPAT) say which is a PER of 13.

Raise $100 million is 50 million shares bringing it to 180 million shares.

Dilution would push the PER to 18 roughly but factor in interest saving which net of tax may be $5 million added to the bottom line per year. NPAT instantly $25 million which is 14c per share and a PER of 15 reasonable for a company with no debt, recurring revenue and a 8% dividend per year.

The challenge lie sin getting the price to $2 now that the market knows the cap raising is inevitable!