Cap Raising, page-6

Thanks for your prompt and useful reply SJB.

Must admit I had put aside consideration of the JV as too vague and uncertain to factor in - and in doing so had missed the suspension comment.

I have another question. I find the lack of a minimum raising for this CR to be a concern. If there was a minimum to be raised we would be given an alternate plan for use of the minimum funds. For example there might be a $4m CR plan with an alternate remediation proposal which utilises only $1m rather than the $2.2m in the $12m plan.

However, with no minimum the directors plan to extend the shortfall plan while retaining the funds raised of whatever amount. It seems to me that without a "minimum plan" for (say) $4m, then I am at greater risk as part of a $4m raising than I am if I am part of a $12m raising. Just how much more of a risk this is will be hard to quantify given that only the $12m plan has been given to us.

Alf