shortfall - xmagx Hi xmagxHere is the statement from the co re...

shortfall - xmagx Hi xmagx

Here is the statement from the co re the shortfall

The underwriter takes up the shares & disposes of them as they wish

Often they just dump them in the market when the shares are selling above the issue price.

9 March 2005
Company Announcements Office
Australian Stock Exchange Limited
Level 4
20 Bridge Road
Sydney NSW 2000

1:4 RENOUNCEABLE RIGHTS ISSUE
The Directors are pleased to announce that it has received applications for a total of 18,106,632 shares to its fully underwritten 1:4 renouncealbe rights issue which closed Friday 4 March 2005.

The shortfall in acceptance of 6,865,676 shares will be fully placed by the underwriterCunningham Securities Pty Ltd.

For further information please contact Mr Dave Nicholls from Hugall & Hoile Ltd on 08 9249 4666 or Mr James Middleweek of Cunningham Securities on 08 9322 9158.
Yours faithfully,
Dave Nicholls
Managing Director
Hugall & Hoile Limited