not good

The retail offer starts 1st july

There is no way the shares will stay above the offer price...30cents

This will leave the offer to picked up by the underwriter..
Dont think they will be happy either


I read that All funds are going to reduce debt so as to bring "dex" back in line with there banking convenants.

Not sure if the banks forced this on them but it is very likely...Also noted that the small profit for first half 09 is now predicted to be a $500 000 Loss.


See Below

Debt position post Offer
The net proceeds of the equity raising will be used to repay debt
• Net debt at 30 June 2009 will be reduced from a forecast position of $49.0 million to between $37.6 million1 and $30.4 million2 on a pro forma basis