Ann: Successful completion of Retail Entitlement Offer, page-11

Now I'm awake, had a coffee, re-read it and done some maths, I've swapped over to Redward's position. $58M raised being 65% of planned raise implies of a target of $89M, giving a $31M shortfall based on no retail oversubscriptions. Of this $31M, $16M went to the underwriter, meaning ~$15M went to retail shareholders who collectively applied for $20M shares in excess of their entitlement, indicating an average of 75% (15/20) of retail oversubscriptions will be honoured. Although I still believe this should be allocated to retail shareholders in full first, this 75% is much closer to a fair outcome than I initially thought (20%). Please temper the grumpiness in my post above, but don't remove it fully!