egm updates, page-109

I heard a rumour today, something I cannot confirm, that RC had told some shareholders that he did not expect to hold a cap raising for 12 months.

Of course, upon hearing this rumour, there were outcries of increduality.

RC made a point during his speech about the number of shares on offer being too high and how he would like to avoid making it worse.

Askin was under a lot of pressure today when questioned about the April placement. An email was read out, and he was put under a lot of stress answering as to why the issue of shares was something good for shareholders rather than just something that was good for the board. And this is also part of the action by PNPL against the board atm.

For this reason alone I think that the board could not risk a cap raising at this time, even though the 15% has been reset (which the board was forced to acknowledge because of CB's questioning).

Remember too, that at the last AGM Askin got around 90% support. This meeting he got less than 53%. He is going to be very careful to avoid losing an extra 4%. And I htink he knows that using the same trick won't work as well a second time.