may be better than it looks

G'day.

This may be better than it looks for holders at 27 Feb and may be why that date was chosen.

Confidence would have been fairly low then and many would have deserted the register in fear and frustration.

The company may want to reward just those who stuck in there through and thin. There may not be that many.

"The Offer under the SPP is limited to 30% of the ordinary shares already on issue."

This says to me that they can issue up to 30% of the existing number of shares on issue. That would allow for a lot more than $2M worth.

"It is proposed to raise a total of AUD $2 million through the SPP Offer. Over-subscriptions will be scaled back on a prorata basis."

I think that they can give every holder who wants them the $15,000 worth of shares that they are entitled to. If there are then over-subscriptions then the number of shares applied for over the eligible $15,000 would be cut back. I would think that there would be a major cutback to any over-subscription.

Just my reading of the offer but I think that that is what they mean.

Lockitt