Retail Offer, page-3

Whilst noting there are no real instos on the register rather a small handful of large holders, they do represent almost half the register. The success rate which is deliberately missing in the announcement states a very clear point to the market.

This is a very sad story where management have again proven their incompetence. The $1m raised from instos is effectively a takeup rate of well below 30%. If you assume the same rate for retail it’s $2m total raised. Unfortunately this means both deals will fall over and I’d expect a further announcement from the company.