Ann: Response to ASX Query re Appendix 4C, page-10

It may be falling but around a year ago they raised capital at 60c. So if they raised capital at 90c for example, those early investors would still be up 50%. The problem is their response to the ASX query suggests they'll go the debt option first and who knows what the share price will be by the time they need equity and the discount required. It would be embarrassing if they needed to go back to market at 60c and were highly leveraged by then.