Ann: Share Purchase Plan Announcement & Booklet, page-17

The issue price under the Share Purchase Plan is the lesser of $2.95 and the VWAP over the next five trading days. For example, if the VWAP was $2.97, the SPP shares would be issued at $2.91.

Doesn’t look we are going to be any clearer on the specifics of how the $100 m+ is going to be spent, however given the positive raps AQZ receive in terms of understanding the market and knowing how to make profit from it, my assumption is that there is a master plan and that the market will rerate to shares once the details begin to emerge. If a big transactional announcement is made, you may miss an opportunity by waiting to buy on market.

By subscribing for SPP shares, the company gets the cash whereas buying on market delivers cash to the seller. If you believe in AQZ and their ability to make a buck, then cash to the company sounds better to me.

A key question is whether you think the shares are worth $2.95 or not. If you believe in the company and it’s prospects, participating in the SPP is probably the way to go.