Ann: Dispatch of Offer Document, page-4

Shareholders are being robbed of their company in these capital raises.

Having the capital raise at a price that no one would be prepared to subscribe at sees the opportunity for the major shareholder to take a tighter grasp on the direction of the company by virtue of dilution.

There is no indication whatsoever that this will be the last capital raise, is there? At the next one, Delphi's holding will be stronger, repeat, repeat again and eventually we small holders become very small holders and Delphi has the company bought very cheaply.

The Board of Directors should be obliged to point to what and when there will be profitability in the company and how they will achieve it. I thought it was Australian corporate law that Directors are required to aim for profits. The current Board seems content to drill forever and let Delphi take control so long as they get a nice earner out of it.