NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 22. SUBSEQUENT EVENTS 23. EARNINGS PER SHARE On 25 August 2000 the Company announced that it had reached two agreements for the placement of a total of 16,666,666 ordinary fully paid shares in the Company at an issue price of 30 cents each (Shares). The first agreement was with Mr Mark Bradley, who agreed to take a placement of 3,225,000 Shares by 29 September 2000, followed by, if approved of by shareholders at the Company’s annual general meeting, a further 3,441,666 within 7 days of that meeting. On Mr Bradley being appointed a Director of the Company, in order to comply with the requirements of the Corporations Law and the ASX Listing Rules, the Company and Mr Bradley agreed to defer the first issue of Shares, making both issues conditional on shareholder approval. The second agreement was with Clough Engineering Limited, pursuant to which it agreed to take a placement of 3,225,000 Shares by 29 September 2000, followed by, if approved of by shareholders at the Company’s annual general meeting, 6,775,000 shares, within 7 days of that meeting. On 15 June 2000 the Company announced that with effect from 1 July 2000 it acquired a 50% interest in OIS MOC Joint Venture Pty Ltd, to be paid for by the issue of 800,000 Shares in the Company. OIS MOC Joint Venture Pty Ltd owns the goodwill of a successful labour hire company. That company is to be renamed Mermaid Labour and Management Limited (MLML). MLML offers a full labour hire service inclusive of industrial relations consultancy, negotiating agreements and awards and were appropriate, provides ongoing management of the labour force. The financial effect of the above events have not been reflected in these financial statements. 2000 1999 Cents per  Cents per  Share Share Basic earnings per share (0.62) 8.09 Diluted earnings per share (0.21) 8.05 2000 1999 No. No. Weighted average number of ordinary  shares on issue used in the calculation  of basic earnings per share 43,000,000 30,356,164 53