Ann: Change in substantial holding, page-14

Discretionary capital raising with the possibility of over subscription always brings out an interesting dimension to the main question of how will they be allocated. Will it be by even and fair pro rata distribution, or first in best dressed, or do the mates and big boys get priority? Enter the test of goodwill. If the directors think it wise to keep faith with their shareholders, they will go pro rata across the board. If they don't, they fail the goodwill test, shareholders are put off side, and it is no longer "we," but "them and us." Competent directors would be well aware of the enduring downside of this folly, and from what I have seen they usually do the "right thing." For the ongoing well being of the enterprise, I would confidently expect that the right thing will once again be done here.