keen to see where the share price heads..."The Entitlement Offer...

keen to see where the share price heads...

"The Entitlement Offer and the Acquisition will involve the issue of 128 million ordinary shares
and 17.8 million unsecured converting notes (issued at A$2.34 per note) as part consideration
for the Acquisition. The new shares (including upon conversion) will rank equally with all other
fully paid ordinary shares on issue. The converting notes will convert on a 1 for 1 basis, subject
to adjustments."

existing shareholders have effectively been forced to take up the share entitlement offer or be substantially diluted.

"a 4 for 5 pro rata entitlement offer at an offer price of A$2.15 per new share, representing a
discount of 12.2 per cent to the closing market price yesterday, 18 July 2011, to raise up to
approximately A$275 million (the Entitlement Offer) to partially fund the Acquisition."

new shares taken up in the entitlement offer are $2.15 compared with $2.01 share price (august 28 11), quite a premium


"After the EGM, the Entitlement Offer will be open between 26 August 2011 and 9 September
2011."

"The Acquisition is expected to be EPS dilutive on a statutory NPAT basis"


Issue Date : BTIM completes allotment and issue of Shares under Entitlement Offer 20 September 2011
Shares issued on the Issue Date commence trading on ASX (normal basis) 21 September 2011

Full Year End Friday, 30 September 2011
Full Year Results Announcement Monday, 31 October 2011


quotes from http://www.btim.com.au/hambro/Letter%20to%20shareholders.pdf

Best Regards,
Bill.