Ann: Quarterly Activities Report , page-4

I would just warn that the sellers have finally turned up Patersons and Hudsons, two names that have been on every corporate deal IMP has every been in. I assume they are the underwriters again.

It is fully underwritten and we know the shortfall is around 150 million shares. We officially have an overhang, but it really aint that big. The trigger for any kind of rally will be a big volume day when the violume gets soaked up.

I imagine the brokers will try and offload stock to punters during the marketing phaze coming up next month, but certainly we are capped at 5.2 cents for the forseeable future.