Ann: AGM Presentation, page-19

An extra point on acquisitions mentioned by Inchiquin. PET is certainly looking to secure cheap supplies of zeolite, but it is also looking at expanding geographically and buying small Chinese private companies with water expertise that could add to our offering.

We have some cash, but how acquisitions will be financed presumably depends on number, timing and size. PET management have been presenting to institutions so I would not be surprised by a placement if equity funds are needed for acquisitions. They are clearly keen to get more institutions on the register and that could be difficult without a placement, though I suspect some of the existing long standing shareholders might be willing to sell down to lock in profits.