Ann: Toho no placement shares , page-4

I wouldn't put place too much emphasis on Toho's actions re placement. They have ponied up the 40 million as a standby loan and already have a significant stake.

The top up right was a right they had as a substantial shareholder not to get too much siluted by this spp. As the spp was smaller than thought...they didn't need to top up to maintain their position.

In the long run, this will be good for the co and the individual investors as it leaves room for an outside t/o bid in the future whereas it was never really an option with Toho up around the 40% mark at one point.

I have to say I'm a bit disappointed with the sp at the moment. cbh has been weighed down by the spp for the last couple of weeks when everything else has been piling on the gains. now that it's complete, we should see some movement....we need some sort of announcement to get the outside market interested.....