im out, page-8

thats a fair comment Manfuzu,

but don't forget LEG are co-underwriters, they have $8mil in cash and recievables, they also have priority access to any shortfall up to the first $3mil, this is ontop of what they are entitled to through their rights entitlements. It also doesn't mean they can only have an extra $3mil it just means they get first dibs and if Azure don't what any of the others they can potentially buy them also.


So lets say for argument sake only 50% of shares get taken up, thats 35million shares or $7mil.

the rights issue was for $14mil, So throw another $3mil to LEG and the shortfall for Azzure is only $4million. If they don't want any of those extra shares then LEG has the cash to take them all and with their bullish outlook it wouldn't suprise me if they did. (however i don't expect such a shortfall)

cheers
Davo