Ann: Update on Capital Raising Transaction , page-10

Hi Kiril what Tony Wales is doing is re capitalising the company and reducing debt.The market will like this if it goes ahead.Tony Wales will reduce his borrowings to the company and also purchase more shares in the rights issue at 1c and it just so happens that his average price will then be 3.5c overall.The 3.5c then matches the price paid by the investors putting in $50 million.If Tony Wales average price is 3.5c and the new investors average price is 3.5c ...the current market price is 2c.Reducing debts by $50 million will mean a much higher profit.However it is not a done deal and we should not count our chickens before they hatch.