oversubscribed at 38 cents that was quick!, page-8

SP,

I don't think they wanted to raise more.

I have a friend who is in the the Top 20 shareholders and he told me today he was not contacted at all about the placement. In the past he has been contacted including for IFE, as he is a sophisticated investor and he can tip in hundreds of thousands if asked.

The company told him late last year, their intentions were not to participate in the IFE rights issue as they have enough insto's falling over themselves to cover any shortfall at 75c.

Of course there is no underwriting, so the company can't tell him or the public that any shortfall will be met 100%, but they seem confident their is enough interest from the big boys to take up the whole outstanding amount if shareholders don't.

I bet there will be whinging from most shareholders who don't take up their entitlements. IMO the price will go up soon after the insto's take up the shortfall, as it will show confidence in the company that it deserves.