Ann: Appendix 4C, page-57

Yeah, I feel like they should've tapped the market including their existing holders 6 months ago when the SP was higher. The time to raise money is before you need and especially before the market thinks or knows you need it.

You are right about the possible timing, they could be thinking to do it after the figures from this quarter comes out - if it picks up, it will be done at a higher price, possibly a premium. If it disappoints however, all those sophisticated and institutional holders who bought in at much higher prices might baulk.