Robbie,Your comment about a big guy coming in and picking up all...

Robbie,

Your comment about a big guy coming in and picking up all the left-over shares from the SPP was what I was on about a few weeks ago when I said that I wouldn't be surprised to see a large shareholder appear on the register.

However, since viewing the SPP document, I canot see how that can happen. The application form only allows a maximum of $5000 per person and the oversubscriptions provision appears to relate to the number of individual applications. In order for one individual to take up left-over shares the issue would need to be underwritten (ther underwriter places the shortfall) or there would need to be an allowance for individuals to apply for more than the $5000 limit.

A third option, I suppose, would be if someone approached the company in person, and asked if they could apply for shares from any shortfall.

My feeling is that the company is mostly using this SPP as a precursor to the selling down of small shareholdings, with theside benefit of supplying a bit of extra money should people take up the offer.

Geoff