Follow up on querying the company resulted in the following...

Follow up on querying the company resulted in the following responses from a company representative:

a confirmation of money raised:
$82,854,000(advisedat least $82.4million)
-Difference $454,000 represented by DRP members 100% of whom took up the entitlement in the SPP.

Use of the monies raised $82,854,000
directors loan - $7,181,897 as disclosed
underwriting fee 3% - $2,270,163 as disclosed
a further payment to the underwiters of an ADMINISTRATION FEE of 1% calculated on the same basis as the underwriting fee. -$756,721 This "was not disclosed as there was no obligation to do so."
loan reduction -$72,200,000 as disclosed plus further loan reduction - $454,000 represented by additional monies raised as a result of participation of DRP members. These amounts now represent the 100% allocation of monies raised through the SPP.

So the BENEFIT TO THE UNDERWRITER was considerably underestimated and should now read as follows;

UNDERWRITERS BENEFITS
shares allocated(12% of issue) 33,141,718
Unrealized [email protected] $1,325,000
Dividend $344,674
underwriting fee 3% $2,270,000
ADMINISTRATION FEE 1% $756,700
Total underwriters benefit $4.7million or 5.7% of SPP
Despite the claimed mistake resulting in the higher allocation of shares to the underwriter, the comment was made "it was always a strategic decision to secure a "cornerstone" investor(s)"
"Further, as a retail investor I should be grateful that the SPP was structured in the way it was to allow for this opportunity to participate!"

Maybe I am showng my naivety but it makes me very uncomfortable with my ever increasing exposure, when information is only disclosed on the basis of an obligation to do so and somehow I should feel priveleged to actually be a shareholder. (maybe at$3.00 but certainly not at these levels.)There seem to be too many mistakes and indulgences to feel that shareholders interests are of any concern beyond the statutory requirements. At least however the company did respond to my enquiry.

Comments and suggestions please.