Water flow rates, page-16

I’m not a believer that this makes any real difference as I think more often than not the Sophs taking up the cap raise are usually existing holders in the company as that’s the easiest place for brokers to get take up. Therefore once existing holders have their allocation confirmed they either sell down existing holding to lower average Cost or they hold as they actually wanted more. The days of shares being sold after actual issue of shares hardly ever seems to happen in my view.