Ann: Tivan launches $7.5m Entitlement Offer for Shareholders, page-47

I understand your comments on Japan, but with all due respect there is nothing new.

Sumitimo may not have been asked to underwrite, perhaps they should have been or will take the shortfall over the coming months.

if Sumitimo urgently want the project to proceed with TVN and without delay, they would underpin the raising. The TVN hand would not be weekend as a Sumitimo underwriting would not deliver them control.

Grant will no doubt have a plan B “if” there is a significant shortfall, however a Sumitimo underwriting would have been a good insurance policy.