Ann: Same Class Equity Offer (Share Purchase Plan), page-22

SPP rules as they apply to NTL allow for a maximum of 30% issue under an SPP. This will mean cutback and scaling if all of the NTL shareholders take up their whole entitlement.

Practical reality is that some people will sell some holding above the SPP price to buy the SPP shares, but let's say Bonanza results are good then it might not make a big difference in the bigger scheme of things.

The other, possibly more important practical reality, is that SPP prices often turn into a strong support zone. NTL with a noted support level at 2.2 cents is above the option issue price, which as we know, should allow the exercise of options.