Putting some more thought as to how much they can raise and the...

Putting some more thought as to how much they can raise and the potential scale back.

Last raising they did at 24c they raised $15m from the retail SPP and $6m from instos, total $21m.

From memory the scale back was around a 1/3 i.e. $10K of shares alloted if you went for $15K.

Assuming total raised will be the same then the current retail SPP will be around $11m given the insto raising was $10m already, i.e. around 25% down from last time.

If the SP in the next month or so matches the performance last time with the Board probably counting on a post-regulatory approval bump in price to get the SPP up (when the ESG deal was announced last time we went to around 34c) then potentially the scale back will be around 1/3 scale back last time X 25% reduced maximum raise to get to around a scale back of around 40%.

All depedent on the share price of course but perhaps a cunning plan by the Board to get maximum participation in the SPP by utilising the post-approval SP rise.

Thoughts?