Ann: Fully Underwritten Non-Renounceable Rights Issue, page-7

Yeah I stuffed that one up thought it was 3 free opts per new share ....but yes for every 2 new shares you get 3 opts ...

So going off my current 75000 position (which i hope to increase)

I'll get 12500 rights @ 18c which will have attached 18750 free ELMO's which imho will trade round 2c-3c on the market (I'm sure happy to soak them up at 2c)

So taking away the free opts value @2c from total cost to buy the 12500 extra shares works out than I'm basically getting the extra ELM shares for 15c .....now if the opts trade more even better