Ann: RIGHTS ISSUE OVERSUBSCRIBED, page-178

I think the answer is to be found among the holders of the 76,739,362 shares who did not take up their entitlement. Some of them may still believe in the prospectivity of Riqueza and that our geos are good enough to be able to exploit that prospectivity well, and that the probability and consequences of drilling success make the Riqueza risk reward picture compelling, but for whatever reason did not take up their entitlement. Others may be non believers and may be looking to exit. ICG was able to bed down the shortfall elsewhere and do a follow up placement of another 9,090,909 shares so our need for funds wasn't compromised . Also, there may be some dumping the head shares sub 5.5c and heading to the options to give themselves greater perceived leverage on drilling success, or the same leverage but with less capital employed, and if so, that's a vote of longer term confidence. We are basically finding a new equilibrium and the high turnover means we are finding that fast.