Ann: Retail Entitlement Offer Document, page-10

And the response from Ben Dixon, which seems reasonable and a good show of commitment from insiders...

"Thanks for your note re the entitlement offer. A couple of points in response;

The drop in numbers between the 2 announcements related to an institutional holder who was unable to take up their full allotment as planned in the
accelerated round due to the 20% take-over provision in the Corporations Act - this is measured at any given point in time. Upon completion of the retail round, this is no longer an issue and they will take up their full allocation.

We expect the take up from large holders to be somewhat better than your assumptions - ie Dixon family will take up our full allocation (approx $155k) and others have indicated similarly.

There will inevitably be some shortfall, but the Company has the ability to place that shortfall to new and current investors on the same terms within 3 months of the conclusion of the offer and this is treated as part of the offer and outside any placement capacity limits.

We expect there to be demand for the shortfall, so whilst there obviously is some uncertainty, we are confident that we will secure the full amount out of the wider process.

I hope this helps,
Ben"