Ann: Share Purcahse Plan Offer, page-15

There is so many reasons for the SP demise at this end of the market. In this case, I would point to 3 main factors.

1. Lack of revenue, without this, no one can put a value on the business. It's pure speculation and opinions will vary dramatically.

2. An additional CR, perhaps unforseen by many. Casting doubt on the company's ability to manage their business affairs as forecast in the prospectus.

3. Mr Market! Acting completely independently and totally irrelevant to the underlying fundamentals of any business.

There's many more, but I see these as the 3 main offenders. The good news is that this is completely 100% normal, especially at this end of the market.