Ann: Rights Issue Prospectus , page-3

Hello orion. :) I didn't see this come out yesterday. Some interesting things in the prospectus:

* Ex-date is 15th March- this Thursday! They're not mucking about.
* The amount of shares will increase from 124m to 225.5m. That's still a low amount of shares.

This part is fascinating- from Section 7.2- the Underwiting Agreement: no Director is allowed to sell their shares for 3 months from the date of the Prospectus! Wow. I've never seen that before, but then, this is an interesting company. The Directors hold loads of shares and are not allowed to sell- lovely.

*There is "customary" discretion to terminate the underwriting agreement, but nothing specific- it seems that there might not be a minimum price, or a correlation with the All Ords, that could be reason to terminate- for that I'm grateful.

* A director is sub-underwriting to the amount of 8.3m or $500,000 worth of shares.
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orion, this looks good to me! Given that the ex-date is so soon- 3 trading days because the 4th day- Thursday- is ex-date, then it seems they are not begging for the entire world of punters to get on board. If they wanted that, they would have a much longer period of time until ex-date. They must reckon they can get $6.1m without having a long lead-in date. If that is the case, and the major holders take up their entitlements, the company will still be owned by the major holders, with only a few retail holders in.

The next few days will be verrry interesting! Who knew it would all be happening immediately!