And no I'm not talking about by management, though I'm sure one...

And no I'm not talking about by management, though I'm sure one could come up with some reasons why for that as well.

I'm talking about the 8c figure for the cap raising... there is one glaringly obvious thing (which I didn't pick up on yesterday) that just doesn't add up.

Under the ASX rules a company can only issue 15% of the listed capital in any one year without seeking shareholder approval. The figures bandied about yesterday had the 1st tranche as significantly higher than that figure... Even if NMS had not issued any shares in the last 12 months (and they have issued plenty) The absolute maximum they could issue would be around 67 million shares. That would be equal to about $5.3 million at 8c per share.

So considering that they have already issued a significant number of shares, the figure that they can issue without shareholder approval is less. Unless they can find some sort of exemption to the rules that would allow them to issue more. For the figures bandied about yesterday I think that there was around 350,000,000 in the first tranche, and then the rest would require shareholder approval... I'd like to know how!!

Tony.