Hi DDD,I understand the way you feel but I think a scale back is...

Hi DDD,

I understand the way you feel but I think a scale back is probably inevitable for existing Caspin shareholders.

I can accept this, but like you I would be very disappointed if I asked for shares in the 'public offer' and got nothing. What message would that be sending to existing shareholders who wish to further support Caspin.

Given the likelihood for an oversubscription of shares to be accepted, to maintain the same relative ownership you would need to hold 3 Caspin shares post capital raising compared to every 1 Caspin share held now.

There seems a certain justness in allowing existing Caspin shareholders, if they wish to invest further, to maintain their relative interest in Caspin shares post raising. Broadly, management should aim for this result. I can understand why management may not want to go further.

Re 10% of all issued shares to CHN. I guess you have to trust management as to why they wish to offer CHN 10%. Hopefully the reasons are good ones. It seems to suggest Caspin management see some advantages in fostering a closer relationship with CHN.