Ann: Daily NAV, page-23

1) I haven’t seen the application FOR is issuing. There should be an area for additional shares you want to apply. You can apply for as many as you want. If you are paying by BPAY, in most offer the total amount you BPAY includes the additional shares you want.

2) don’t worry too much about Chapter 6 of Corporation Act. It is an issue if you end up with more than 20% of FOR. Shortfall are shares not taken up. The shares taken up includes the additional shares applied for. So if FOR raises only $15m out of $22m, the shortfall is $7m. What FOR is saying is they will find a buyer for the remaining $7m if they can find one.

3) I did not say insiders from FOR will be keen to pick up FOR. What I said is FOR wants to raise the money.
If NAV keeps on falling you still have to pay $1.58. NAV will go higher once the shares are issued.
If the share price falls below the offer price of $1.58 then you are better off buying in the market.