charts, page-107

Maybe you could explain that because I haven't seen a reason for it, apart from a small amount of coverage on the downside to make the take-up more attractive. Attaching a free option with a 1.6c strike price is exactly the same as offering them a share at 1.6c, other than that the investor gets to protect (was it a 1 in 10?) 10% of his investment on the downside by not having to pay the 1.6c until he exercises it. Not all the big a deal, surely? And only worth anything whatsoever if the company's share price actually falls, in which case his investment in the CR is pretty moot.

Can you explain the addition of a free 1.6c option? It doesn't seem to be much of a rort, if it was one, 10% protection and only on the downside. I thought it might be something to do with limiting the number of shares they gave out so they could offer retail investors more at another CR down the road, but it was just a guess in the absence of anything else. Do you have an explanation? Doesn't seem all that dastardly to me. Regarding the 1.6c share price itself, is that out of whack with most stocks of its ilk? Surely you'd have to offer a hefty discount to guarantee full take-up, or who'd take them up?

P.S. If they did a CR to retail investors and didn't give us a free option at 1 for 10 (or whatever it was), I'd probably be pretty peeved. That would be quite blatant.