article this am in smh re capital raise valad, page-13

a) The proposal must be put to a shareholders vote. If it is not a decent offer (at a premium considering the steep discount the shareprice is to NAV and NTA), then it has no hope of getting shareholders support.

b) It is not in the director interest to offer themselves shares at a discount to current historically low prices (or at a 90% discount to NTA). It may send out the wrong message and will surly loose investors confidence.

c)If the market was informed of his intention to buy on the market there is a risk that he MAY not be able to get his intended total of 19.9% for $67million people may hoard their shares in the knowledge that he is buying them up.