1. Yes, a copy of the SPP should have been released to the ASX...

1. Yes, a copy of the SPP should have been released to the ASX (yesterday).

2. There are "discussions" with Patersons about underwriting, but no underwriter at this stage.

3. Yes, only 20-Feb shareholders can take up the offer, but there is a "shortfall notification and top-up placement process" after the SPP closing date, so our beloved CEO and Directors should be able to take up the offer then (just as pigs might start flying backwards after 11 March). I suspect that should they wish to, Directors will be able to pick up about $7.8m worth of shares through this process.

Smartarse comments aside, if an underwriter is not confirmed prior to 4th March, I'd be EXTREMELY careful in taking up the SPP.

It seems inevitable that CCU would be put into administration if (when?) the SPP fails. And if this happened I reckon shareholders could kiss their $15K goodbye along with their prior investment.

GLTA.