The advantages of a foreign issuer using a 144A placement over a normal private placement in the USA domestic market include all BUT ONE of the following:

Select one:

a. it serves effectively as a rights issue to existing shareholders

b. the availability of a greater secondary market can justify a lower discount from the market price than with a private placement

c. QIB purchasers can then resell these shares to other QIBs where normal private placement sales are much more restricted.

d. the time period and expenses are much less that a public offering

e. approaching qualified institutions investors (QIB) for the funds