A quick look back at previous annual reports gives some insight...

A quick look back at previous annual reports gives some insight into the likely pull-back in the $15,000 SPP currently underway.

In 2007 there were 2,377 shareholders 9389 of which owned 100,000 or more) with 400 million odd shares on issue. Given that there are no further public statements since then, we could guess that there are probably at least 2,500 shareholders.

IF, and it is a big IF, all went for the SPP then the Company would raise $37.5 million. Given that the "limit" is $6 million, the EITHER a) no more than 16 per cent of shareholders can apply AND get their full amount, or b) every shareholder is capped at $2,400 worth.

Now the one thing that can be said is that NEITHER (a) nor (b) are likely so here is where the judgement comes in.

SO a quick survey of random recent SPP resultsd has yielded the following:-

Horizon Oil 47.6 per cent Take Up
Texon Petroleum 44 per cent Take Up
Bank of Queensland 25 per cent Take Up
Sundance Resources 16 per cent Take Up

One company I surveyed got it wrong, LNC got 3.9 per cent Take Up! Principally this appears to have occurred because they got the price wrong.

So CXY's SPP will only get scaled back if more than 16 per cent respond. My bet is . . . more than 16 per cent WILL respond. Then any who get their money back will be looking to get back in at an increased price . . . ouch!