Ann: Placement, page-18

let's look at the negatives first (just so that we get them out of the way)

1. 277 million shares on issue - extra above the already big number on issue on 9SP

2. CR @ discount to LTP and 10-day VWAP (99% of the cap raises are at a discount of some sort)

3. NO ONE LIKES A CAP RAISE (even though they are conducted on an almost daily basis across the board)


The positives: (will keep it to a minimum)

a. PRICE > almost 20% above the CR price - HUGE PLUS

b. Two years of cash on hand (but that can always be mismanaged and we won't have any control over it)

c. SAFELY ASSUME that no cap raise in 2020 - so 4 months of no CR discussion now

So a few negatives and a few positives in this - I like to look at the positives and think they outweight the negatives for now and hence price running above the CR...

UPWARDS & ONWARDS in September 2020 !!!