Ann: Trading Halt, page-312

I am not a huge fan of cap raises ordinarily, however this one was played almost perfectly.

- Done at a run up. Try and grab 40m 2 weeks ago and you're looking at 250m additional shares.
- Used to fast track expansion. Good to keep the SP moving upwards. big difference between raising for expansion then raising for operations.
- Snapped up within 10 mins. You know that more will want in.

If I had to pull one negative it's that I reckon it would have been fully subscribed with less of a discount, but hindsight is 20/20. Regardless Growth stock, so there's inevitably going to be cap raises. If IOU play them as well as they play this one, the SP will rise over the medium term and the next cap raise will continue to be hotly subscribed.

Management have barely put a foot wrong over the past 3 months.