wishful thinking, page-4

Yes, they probably wanted too much of a discount. And fair enough knowing what we now know about the 1.6c which quickly evapourated. Even another spike to above 1.5c would be risky for an underwriter to step in unless the commission is high.

The timing is just too tight now. Basically about to stop trading, although they practically have stopped already with no buyers.

So if an underwriting gets announced, no time to sell. So you then either convert or let them slip through to underwriter.

If news makes it feasible to convert, then their is risk underwriter will suppress sp. Its easy to do when the gain is so high and you only need to suppress for a short period, eg 1 or 2weeks.

If their is no news, then underwriter gets them all. He stumps up 1.5c for a share only worth 1.1c, and the company pays a fee of about 0.5c

A placement is much better value at this point in time, and we still have 15% rule to issue without shareholder approval. Better still we have no time limitation and can wait until more wholesalers stock our product, then raise at 2c.