Ann: COZ 2014 AGM Presentation, page-8

Yes I understand that 4 was a special and that it's in essence a "top up" ability over and above the allowed 15% under ASX listing rules. My view on the 17m that voted against is that those shareholders don't understand the ASX rules and that all COZ are doing is allowing themselves to have the option to place over the allowed 15% not that it's the intention to be raising money.
Yes several questions from the audience on the carbon business - there is no intention to do anything with the business its cash flow positive. Personally I think this is best and provides an option into the future when there becomes a global response to climate change. Many forget they have 26,400ha of forests all now transitioned across to CFI and producing credits (ACCU's) for their clients.