spp extended to 7 feb, page-11

The people organizing the capital raising have trend information which once compared with historical data allows them to predict how much capital HAW could have expected to see being subscribed by the due date. And that must indeed have not looked very good.

One factor that must have gone against the capital raising
is the way that the options for different amounts have been structured. In my view, shareholders with small holdings must be very hard pressed to get an extra $5,000.00 in order to be able to participate. It should have been possible to subscribe $2,000.00 or even less.