Is that cap raise 81c, page-424

The Institutional Entitlement Offer raised approximately A$25 million (US$17 million1) and was well supported with a take up rate of approximately 82% amongst eligible institutional shareholders. Theshortfall from the Institutional Entitlement Offer was oversubscribed, reflecting strong demand receivedfrom new and existing institutional shareholders.

The instos went pretty hard at their entitlement offer with the shortfall being oversubscribed and I think the same will happen with the retail offer. I wasn't going to buy more as I picked up more for .81 but after looking at my tax position this morning saw that I could afford a lot more and will apply for double my entitlement and see what I end up with.

Syrah look set now to capitalise on their early mover status with funding for a few more years and really making things difficult for new entrants and it won't take much for them to move into profit from here.

Then there's BAM.