Just to straighten out a few points.The priority offer for Heron...

Just to straighten out a few points.

The priority offer for Heron shareholders was for - $3,000,000.
The public offer was - $7,000,000
Total IPO $10,000,000.

Heron advised in a release to the ASX on 9/1/07 that: "$2.5 million of the Priority Offer has been received" and they were encouraging Heron shareholders who still wanted to take up the offer to get their application in soon. Now why would Heron send an announcement to the ASX in the middle of an IPO when applications were comming in at a pace?

The only way that I can interpret this is that on or about 8/1 the public applications had exceeded the $7 million and they had a bit of a conundrum as they still had to keep both offers open until the earlier of priority apps. getting to $3 million or 16/1 (priority close date).

It seems clear to me that they closed it the day priority apps exceeded $3 mill.
I don't believe they will have got to more than say, $3.2 mill, but public apps. would have been streaming in at the same time.

This time the Heron shareholders got treated very well. Any that missed out only have themselves to blame.

Roll on Rubicon!

G