Cookie,I think you are right. The statement says they have...

Cookie,

I think you are right. The statement says they have committed to the Conditional Offer. I guess that is why those institutions who have committed, cannot take part in the vote.

It is only the other (existing) shareholders who can vote. Although they will suffer dilution, they will see the share price pressure removed and they will be eligible for the share purchase plan.

If this is right that is another 30% of the total issue already placed and we only have to see a successful retail issue which is roughly 25% of the total issue.

So have the shorters got it wrong?