Well it’s certainly possible that we cannot find anybody to...

Well it’s certainly possible that we cannot find anybody to underwrite the CR. Actually I think that is likely.

It’s also quite possible that the larger holders will not participate.

But I cannot see why they cannot do a share offer even if not underwritten.

This means that there will likely be a shortfall in the raising as nor all holders take up their shares.

And it comes at a bad time for the world economy.

However I have watched a few raisings of this nature and people often opt to protect their investment by buying more shares.

So perhaps I should have made it clearer that a CR can be implemented but without a guarantee of it working out. But as a last resort surely they will try.