Ann: Strong Results and Capital Raising to Support Future Growth, page-4

I didn't appreciate that the CR shares would have a dividend attached to them, so that changes things. The way I was looking at it was that the approximate $8.4m in dividends could have been used to decrease dilution by 2.4 million CR shares. The other consideration was what I considered a punitive tax structure in that that you pay tax on unfranked dividends, but you use net income to buy the shares. The way I was looking at it however would have disadvantaged share holders who don't participate in the CR, so perhaps that was a bit short sighted.

Based on the reaction from the market today to the FY2017 results, CR and FY2018 outlook, we are unlikely to encounter the usual retrace in the SP towards the CR level, which now looks very attractive after the 10% jump. I'm still kicking myself for pulling a buy order at $1.25 when the SP collapsed about 18 months ago.