Ann: United Malt Share Purchase Plan Opens, page-10

I applied for the maximum as I think malting is a great business and I had sold other holdings last week.However I expect the
overall market to drift down and be lower in a month's time.UMG has been below $3.80 only twice and that was in the early days of listing.I am hoping the Board might accept subscriptions over the $25 million proposed.
From the Chairman's letter with the SPP booklet.
"United Malt is targeting to raise A$25 million under the SPP. The Board has discretion to issue more or
less New Shares than that target amount. If we receive applications for more New Shares than we
decide to issue, applications may need to be scaled back. "
We will all know on June 23rd.