preopen, page-116

re: hdr / roc I've just read the announcement from UK. Its a bit weak on reasoning for the issue. Shareholders will be aggrieved that HDR could not have held off raising capital until mid-year (which they nsaid they were doing) or until further successes later in the year - thus ensuring a larger cash haul for HDR (or a smaller dilution).

Not happy about the dilution - mrights issue OK and the correct size of raising and dilution but why the 72m placement - bl**dy wankers.

H