Ann: Kingsgate completes $46M institutional placement, page-149

Well explained.

Actually, the capital raising route opted for can beviewed as strategically poor on this front, depending upon your perspective.Kingsgate is an international company with nearly all its assets in Thailandand Chile.

Most investors, almost certainly, would hope that Kingsgatehas ambitions to list its Thai gold mining operation on that country’s disallowed. Particularly, because it would strengthen its ties with that countryand reduce the political risk of having its main or sole mining activity basedthere.

Leading international mining companies usually like tohave a good spread of international investors on board. Especially, if themajority or even a significant portion of their mining operations are basedoutside the country where their head office is located and main stock market listing.

Foreign institutional shareholders especially want tosee that their company has a level playing field for all its shareholders. Inprinciple, they would not like to see that they were frozen out of a heavilydiscounted share placing. Prospective overseas investors would probably viewthis current CR undertaking negatively.

Anyway, any overseas longer- term investors that didnot want to see their holding diluted so far have been able to top up theirholdings at comparable price as those placed with eligible Australian and NewZealand institutions. Nimble foreign players may even have managed to add totheir holdings at a marginal discount, after brokerage costs etc. as the shareprice has dipped temporarily below the 150c mark.

If memory serves me correctly, there have been, or arestill the odd, significant foreign institutional shareholders from the US and Germany.I think it is rumoured, not necessarily fact, there are Thai shareholders.

Does anyone have the figure of the % of Kingsgateowned by foreigners?