prospectus and rights issue, page-12

mmmgus, your idea is good and it will be interesting to see what happens with Patersons as they have the legal right to withdraw their underwriting as the shares have traded under 12 cents for over three days. Maybe its all subunderwritten so it affects only the sub underwriters and Patersons will get their fee of #350,000 plus another 100k or so advisory costs.

I wonder how many people excerised their rights. With the price under 12 cents, not many I wager. This means that if Patersons (or its subunderwriters) underwrite the issue they will hold more than 30 million shares. Do they want these shares or will they sell them on market?; or will a buyer approach them for the whole lot? (this might answer your question).

It is dissapointing that the MD has not kept shareholders informed of any positive progress at Smokey Hill as this could have assisted shareholders in making a decision on excersing thier rights. This guy is paid $550,000 a year plus benefits; maybe his talents lie in directions other than shareholder communication.

PDYOR