Ann: Non-Renounceable Offer - Extension of Close Date, page-8

@y0w4ll3t, totally agree, the spread is so thin that $1M on market could push this well over $1.00. Delphi have been diluted by the most recent CR as circa $7M + has been placed with other instos.

I am very surprised they have not been buying on market pre rights. Although I would not rule out that at all, even if it has been a low volume daily accumulation just to grab as many below $1.00 they can. Past experience is they have an outstanding ability to get in on the register as cheaply as possible. They are in no way on this register to create value for other shareholders, time and past actions by them already has revealed they are either:

1) Extremely greedy
or
2) Lack ability to push price.

Heck my little Tin stock is up 140% with only a notice recently showing an insto buying more than 5%. 1 bloody insto on the register with bigger all ownership. Delphi have been as high as possibly 38% on our register. What a joke for them, really embarrassing really this is trading at lower than where it was 12months ago. We should have been triple the MC by now if they had any idea what they were doing with a major percentage holding in a company.

Delphi would have to be in the red on this like any other person on the register as I recall they were buying at $1.00 to $1.20 pre consolidation price i.e 1 cent and 1.2 cents. They also had participated recently at $1.43.

My gut feeling is they don't want the dilution and hence are happy for price to be out of the money for retail. They will still throw their possibly $15Million towards this raise and hope that retail don't participate.
Why??? The easy answer is this rights issue is not underwritten, they will benefit greatly as their percentage of holdings will increase and possibly go from 36% to well over 40% if this scenario was to occur.

I have found it interesting that we always have a strong open on trade recently and then some MUG comes out selling small volumes at lower prices to draw in selling??? Is this possibly Delphi?? Who knows, but the daily action has been baffling even with the outstanding drilling, price was able to be muted on very little volume. It's like someone is determined to ensure this does not move over $1.00.

Tine will reveal if option 1 is the answer.