it seems some clarification is in order gents (and ladies if any...

it seems some clarification is in order gents (and ladies if any present). I've actually read the ann... (sorry GZ).

1) directors will pay under same terms as those in the cap raising, but NOT less than 17.5c per share

2) "the issue price of the Shares is to be not less than 80 per cent of the market price of the Company?s Shares
calculated over the last 5 days on which sales in the Shares were recorded before the day on which the issue is
made."

So it is not even volume-weighted price. Will be average (closing) price over the 5 days prior to issue. Which could be a lot lower or a lot higher than 17.5c. They have some discretion.

And furthermore, Resolution 2 gives Nex capacity to issue 30m shares within 3 mths of the EGM which is only 25th October, so by 25th January 2011. And they are not allotted yet, ie, they have not actually raised the capital yet!

to sum:

not such a bad ann, but i wish they would get a hurry on!