Just some figures on the issue so as we know where we are:•...

Just some figures on the issue so as we know where we are:

• Institutional entitlement offer – 811m shares (already done)
• Unconditional placement – 444m (already done)
• Retail offer – 692m shares (to be completed)
• Conditional offer – 851m (to be completed)
• Total offer – 2,798m shares

As such only 45% of the offer completed. If retail offer completed it will be 70%. So the hedge funds can see a target. Even if retail offer is completed, the underwriters are still sitting on 30% of the offer at 27. A bit more than massive indigestion.

Since the first placements, 1126m shares traded up to yesterday.

One final thing on the underwriting agreement. If the ASX 200 falls more than 15% from 14th August (a recent peak) to the day before the Retail offer settlement date (expected to be 14th September) or before 28th September (and stays at that level for more than 2 days), then the underwriters are released from their agreement. The ASX 200 on 14th August was 4,461 so a 15% would mean 3,791. Probably unlikely but good to know. Outlined on p.27 of the capital raising presentation or p.25 of the Retail offer document.