not really underwritten, page-4

Below is from today's Announcement: Looks to me like the underwriting is dead - the prospectus was fuzzy on the deadline for this IMO. It closed under 1c last night.


In accordance with the terms of the underwriting agreement with Patersons Securities Limited, the Company has advised the underwriter of the number of Shortfall Securities. As noted in the prospectus for the Rights Issue Offer, the obligations of the underwriter to underwrite the Rights Issue Offer are subject to certain events of termination not occurring prior to the issue of the Shortfall Securities to the underwriter. The Company will be advised of shortfall take up by the underwriter on or before 15 June 2011.

Micro position only - don't care what happens