PYC, page-25

Yeah - I go back to my first post about this - it is not black and white when it comes to a rights issue - there has been a 3B that says there are already 2b shares out there (notice? why - you intent to take up your rights), you block out some shares but have priority in the prospectus to get them back (notice? why? in truth you don't think your % holding has changed and the rules say 1% and as an underwriter you don't know how many you have till the end). From begining to end I don't think they wanted to change their holdings and the intention of these rules is to inform other shareholders with information that has some substantive information not just a blow by blow trading reconcilliation of a larger shareholder?

Another way of looking at it - am I better informed by a 3Y now than I was by the original prospectus? Not at all. The only thing I didn't know was a small option sale in a timely fasion. In fact I think 'the market' is less informed thanks to the regulator/ASX involvment because the prospectus changes make it look like the underwriter is stepping back somehow which I do know is not the case. Anyway - it's a mute point now the offer is over and we hopefully get a fuller picture over the next 2 weeks.

I believe it was very well subcribed and it is possible the Hockings have ended up with slightly less (as a %) than their original holding as a result of the original prospectus being altered but maybe there is enough shortfall that they get back to the 25%.

Now back to the shareprice . . . .

If it was 2.2c going in to the raise and diluted by half that means 1.6c but with the cash situation resolved for a reasonable period it is possible that it tradea above this as presumably the 2.2c had some uncertainty in it over the funding needs. Recently I assume people were small sellers to recycle cash into the offer but I doubt there will be many now until the new shares are allocated so maybe 1.5-2c area is possiblly where it settles? Hopefully after that there is some reasonable progress over the 6-12 month period that makes use of the 2-5c trading area that we got to before and then everyone feels a little happier about this last few months!