retail entitlement offer

The retail entitlement offer looks to be in difficulty now that the SP has dropped below the offer price of $2.88. As this part of the CR was only intending to raise $18mm compared to $251mm already raised under the institutional offer it won't be critical for IVA. It does look like IVA's timing in raising the $251mm just snuck through.

In the current market environment I suspect that CRs by other companies may not be so easy to get away in the next few weeks at least.

At this stage with the SP as is I won't be taking up the offer.

ANZ