Ann: Update to Shortfall Allocation Policy, page-4

Hard to conceive of a material shortfall. Top 20 shareholders hold more than 75% of the company and all of the biggest are already committed and underwriting. Only 25m "rights" held outside the Top 20 and the market price has held (just) above the new issue price over the last month to allow those people who aren't going to take up additional exposure to gain some value for their rights (there's a good reason whey the bid-ask is sitting just above the issue price + brokerage costs). My tip is low shortfall, all of which finds a safe home in the top shareholders who understand the company, and the buyers on the screen step it up after books close next week.