Ann: Appendix 3B , page-2

"PPY is pleased to announce the placement of 1,666,667 ordinary shares at $0.03 per share raising $50,000". ASIC states the following: "One of those exemptions is the offering of financial products to a person (either a natural person or a legal person) who is the subject of a current certificate from a qualified accountant certifying they have a prescribed net asset or gross income level. A person holding such a certificate is a:
•‘sophisticated investor’ for the purposes of Chapter 6D (if they are offered debt or shares).

My dictionary states that sophisticated means "(of a person or their thoughts, reactions, and understanding) aware of and able to interpret complex issues".

All is I can say they can't be that sophisticated if they spend $50,000 to buy 1,666,667 shares when for the same money they could have bought 5,000,000 shares back in June last year. They'd be sitting on a capital gain (on paper at least) of $100,000 instead of a capital loss of $3,333.33 at todays close. Sophisticated? We'll see.