"Can I take up on this offer still?"Read the documents carefully...

"Can I take up on this offer still?"

Read the documents carefully to determine your eligibility in your situation... but yes, it's still open.

"Can I sell my shares and still take up on the offer?"

We're past the record date, so your entitlement is already determined. Selling or buying shares at this time won't change it.

"Unless I am missing something then the way I see it is that i could sell my current holding for $95k (presuming today's closing price). Take up the offer for 250k shares @ 20 cents. Come back to Aus and get a bank cheque for $50k to pay for them and have the same holding as I currently have (250k) and $45k in the bank!"

Might just be an issue in your wording, but obviously you have to lodge the funds to pay for your entitement before the close date of the offer, which occurs before the new shares are issued... obviously you can sell your *current* shares and receive the funds beforehand. As before, read the stuff carefully to determine your eligibility.

It would also be advisable to log on to the Investor Centre on www.computershare.com.au and check for the Entitelement Acceptances document in the Holding Statements section.

"Can anyone in HC land give me an insight into what I am missing."

You will essentially be diluting your holding in VBA by doing this (but you will be doing the same as if you didn't participate at all).

The main thing is to determine if you are, in fact, an eligible shareholder... for example you must have a registered address in Australia or NZ and you cannot be presently in the US.