text: **22. SUBSEQUENT EVENTS**
  
  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). 