Ann: Extension of Share Purchase Plan Offer, page-32

I think the majority of CRs are poorly conceived. If a company wants to take a large stake let them put an offer forward above the current SP. Alternatively offer options with the shares. So in our case they could of offered a 1 for 10 rights offer at 90c and thrown in an option for say $2 expiry in 2 years. If the company does as well (above $2) as most think, they will get more than double the current raise in 2 years instead of another discounted SPP. Worked for WBT recently. It rewards current holders that took a chance