No we have only had the unconditional placement whose shares can...

No we have only had the unconditional placement whose shares can be traded now.

The conditional offer has to be agreed to by shareholders on 24th September. If agreed the company with then offer the $230m as a share purchase plan to existing shareholders. Note the following extract from slide 6 of the Capital Raising Presentation:

• If the Conditional Placement is approved by shareholders, the Company intends to offer a Share Purchase Plan of up to A$15,000 per shareholder
• The Entitlement Offer, Unconditional Placement and Conditional Placement are fully underwritten by Goldman Sachs
• Settlement of the Conditional Placement is subject to shareholder approval by ordinary resolution at the EGM scheduled for 24 September 2009. Institutional investors who are eligible to participate in the Conditional Placement will be ineligible to vote on this resolution
• The Share Purchase Plan is subject to the Conditional Placement being approved by shareholders at the EGM. If the Conditional Placement is not approved, the proposed SPP will not proceed.
• The Share Purchase Plan is not underwritten

Hence the Conditional Placement is still underwritten and has to be placed to avoid the underwriters being left with stock. It represents 30% of the total raising.

The Share Purchase Plan is open to all investors and will only occur after a successful Conditional Placement. On slide 7, the company says that assuming a 20%-30% participation in the SPP, then they could raise another US$50m-75m on top of all the other placings.

This may seem long-winded but it is a complex raising.