Ann: Change of Director's Interest Notice, page-11

the forthcoming share issue is "renounceable" .......

it is highly unlikely that 100% of current shareholders will have cash on sidelines to take up their entitlement ......

this means that there is (likely imho) to be a shortfall .......

the people shorting the stock, just come to an arrangement with the arrangers, to act as a sub-underwriter .......

sell (post ex date), and the acquire the stock in shortfall, pay the loan costs on the stock, and return stock .....

put cash into pocket ......

that is "how" its done ....................

rgds
V_H