Ann: Opening of Share Purchase Plan, page-12

The 122m shares is the maximum number of shares being issued if every single holder applies for $30k

It does state below for protentional scale backs; I believe they will if they receive more than $35m. they could get $190m which could mean 80% scaleback. Hope I'm wrong.

Pendal has 352m shares on issue; if they issue 122m shares plus the 30m instos shares it would mean we have 500m shares on issue vs 350m shares on issue now.