conversation with ctp

Just got off the phone with the company secretary, Bruce Elsholz re the SPP:

1) As I suspected, depending on demand, there may be more than 150M shares issued in the SPP. No final decision has been made by the board but they suspect the SPP will be heavily subscribed. Legally they cannot issue more than 30% of the shares on issue so potentially they could issue up to 270M shares in the SPP. The final decision as to the total number to be issued will be made by the board when they get all the applications in. There may be some scaling back. Pattos is underwriting the first 150M shares.

2) They went now because they wanted to reward current SH and by going now they are giving us a free look at the JW-1 results before current SH have to commit. They understand that some holders may be gun shy given past history, but the difference this time is actual results to base your decision on.

3) They anticipated a short term dip in the SP, but feel that it will recover very soon. (Like when the flow results are released later this week)

4) No decision has been made by the board regarding future consolidation. Bruce acknowledged JH has this in his mind, but there currently is no agreement by the board so it is not on the cards at this stage.

Bruce sounded quite confident that the market and SH will be pleased with the results when released.

Now we just have to wait for the flow results