Ann: Placement of 8.8 million shares , page-2

I am disappointed to see Martin Place Securities issue an updated valuation with a target of more than $1.35 on 18 January 2012 and then turn around within the week and place shares at a discount to the market price hovering around 29 cents.

No wonder the placement recieved strong support.

I can't help but feel the price was low to just to help Martin Place Securities relationships with their clients given that buying 8.8 million shares on market would have pushed the share price way above 30 cents. I would have been more comfortable if the price was at least the average of recent prices rather than a discount.

At least there's not too much dilution and I think Martin Place Securities are right about the value being comfortably more than $1.