Ann: Retail Offer Booklet & Notice to Ineligible Shareholders, page-24

You might be right about the shortfall. I took my offer up in full but only because I need to recoup losses, and 9c is very cheap for this stock. I don't have any faith in the Board who since the time of appointing Clifford have inflicted us with a series of poor decisions as evidenced by the loss of $400 million in market cap while also raising anything up to $200 million for the Dragues purchase alone, and that has gone down the gurgler. The assets we have are those that pre existed those bad decisions which only goes to show where the value laid at the time, and where it still is. All this simply undelines the fact that most senior execs aren't worth the money they attract.