Ann: Share Purchase Plan For Shareholders, page-18

" I think ROY management have options up their sleeves and the fact that this share offer is not underwritten seems to be a major sign of this"

Pavlovas, I disagree. IMHO ROY management know they will not get much support from larger holders so SPP is best. Holders with un-marketable parcels (a lot of them) or small holdings (due to massive sp fall) will have an opportunity to take up as many shares as large holders. This essentially dilute large holders. If you own just 1 share, you can subscribe $15,000 at 4c.

IMHO I think ROY board probably already spoke to top holders and may be they will NOT support this (ie fully subscribed) if it is capital raising (pro-rata on holding) NOT SPP.

I also notice a lot larger holders selling out BELOW 4c (spp price), they don't support it. From my experience, because it is SPP NOT capital raising (allocation depends on holding), larger holders will hold sp down BELOW SPP price to prevent this spp and, hence, their dilution to large holders.

Do a capital raising if you know large holders will participate 100%. Do SPP if you know large holders will NOT participate so dilute large holders down.

Just IMHO, DYOR