Ann: Letter to Eligible Shareholders - Loyalty Option Offer, page-2

Reading between the lines, this is a cheap shares to mates exercise. Exactly the same thing happened at DEG back in the 5c days. DGO came in as a major shareholder, DEG ran a cap raise two months apart, no reason to do so or real reason as to why. In hindsight it was obvious as hell that it was Ed Eyshuys taking his stake early on. Suspect there is more to this. Why on earth raise 65 grand. Xcel are getting 20m for running it - a near 20% cut, and the directors get the other 15%. I'm not complaining. Will take full entitlement.