Ann: Commencement of Rights Trading on 18 November, page-8

The buyers at 53 cents yesterday have done well.

The oppie is probably worth about 15 cents.

So if you buy the right for 10 cents you are getting the right to subscribe to a share for 45 cents now trading at 55 cents plus a one for 2 oppie which would add another 7.5 cents in value.

Lets see what the rights trade at cum Dec 1. I expect there would be a bit of selling pressure and therefore opportunity as the overseas shareholders which make up a significant percentage of the register are disallowed from exercising their rights.

The overseas shareholders who are probably keen to participate in this raise will probably go in through the backdoor through the shortfall offer.

I think there could be a great arbitrage opportunity here through the rights trading as we enter what should be a very exciting December.