Ann: GENERAL: PEB: Update on Dual Listing Process and Market Speculation, page-7

There are two things at play

1) listing - they can do that without a CR but that will force funds to buy on market (if they choose) which they are unlikely to do. If they do I suspect that there is something bigger at play

if they don’t list on the ASX they will need to say why not IMO

2) if they list and do a CR, they were seeking a $1.20 raise - that would be a significant discount to current prices. Will this be increased given current SP. have they burnt the funds that we’re keen?

as you point out the next week will be interesting.

I’m asking myself -

1) are management incompetent- I think not, they have money in the bank and a product that appears to be disruptive in the market. Aussies were willing to tip in $70m AUD - that’s a big raise!

are they holding off in the knowledge that they are working through something significant? This is where I think things are at, if we don’t get an announcement by end of month there will be speculation as to why.

takeover?

large material announcements?