Ann: Cleansing Statement , page-8

I am trying to grasp the purpose of a cleasing statement.

From reading Companies Update 10 July 2007, it allows a pro-rata rights issue without a PDS? The statement says that all shares are issued on the same terms, does that mean we would all be offered shares?

I also thought there was some limit on placements - number of times per year or number of shares per year?

I am getting sick of this too. It seems that placements to 'friends' are being done at prices below market, while we only get offers at or above market price. I thought the ASX would have had stricter rules.