Ann: Entitlement Issue Closure and Shortfall Notification, page-11

Shares on issue prior to placement ~194m

Top 20 holding prior to placement ~120m

Remainder of shares held = 74m

Placement shortfall ~10mil at 1for8 means 80mil share held did not participate in placement.

This certainly means either the entire remainder of shareholders outside the top20 (statistically unlikely) and a small percentage of the top 20 did not participate or a large percentage of all holders did not participate including the top 20 = either way a complete failure by management.

When a large portion of the top20 aint participating underwriters will struggle to offload = massive 10mil overhang for a long time to come when this volume hasn't even churned 10mil over the best part of the last -9months.

Rob you have absolutely failed your shareholders and made us a soft target now - disgraceful sell out and you should step aside on this outcome alone.