Ann: Successful completion of capital raise, page-29

Hi Stoneral,

Capital raisings usually involve a discounted price. This is invariably taken to be a current valuation by sophisticated and institutional investors and of course there are now more shares on issue causing dilution. The market usually falls to meet this value, often slightly lower. However as soon as the raising is successfully completed and the market can see that the funds are being effectively spent off the price goes. This may well be the last capital raise before profitability. I hope this helps.

Regards, Tamborine