Ann: Response to ASX Appendix 3Y Query, page-14

I see GBA is partly underwriting the new BPH issue.
Its a mystery to me where the rest if the money will come from. Existing holders are unlikely to ante up IMO but it leaves the door open for someone to gain a large equity holding for modest cost. Hard to see this working out for Breeze, it looks like a pretty desperate all or nothing gamble. I wonder what the Talbot Estate think about this situation. They are large equity holders in Advent and their vote will likely determine whether BPH and GBA retain seats on that board. Am surprised that the ASX hasn't intervened into this mess but notwithstanding, I also think there may end up being judicial involvement before too much longer.