Ann: Results of Entitlement Offer, page-4

Of the A$23m raised, SE contributed $19m. Only half in cash. So they have got $13m in cash. Only $4m of non-SE money. WC and the landbank debt chews up $5m. Leaves them with $8m. Not enough to complete either Pagbilao or Eromanga which are circa $20m each. So what happens now?

I think they need to start selling projects for cash so that they can run the company off in an orderly manner. But given the extent of the liabilities, the directors now have an obligation to consider the creditors. I will not be surprised if the administrators are called in so that the administration process can be conducted on an arm's length basis.