Ann: Entitlements Issue Offer Document , page-2

EKA must have had a good story for the underwriters. It is a vote of confidence that the issue has been underwritten. This seems to be born out by todays trading results. No big dump and the price is halding up comparatively well when judged by the SP of the partners.

The need to raise funds was factored into the SP prior to the announcement. Existing shareholders have been considered with shareholders having the right to purchase all of the issue and the underwriter only able to purchase those not taken up. The fact that the issue may have been made at a time when the SP was a lot lower that it may be if we get some good well results does not matter. We would have had to pay a lot more if the SP was a lot higher and be no better off.

All round, a good result.