If I was the recent underwriter of $500k at post consolidation price of 3.5c I would be dirty.
First glance is that there is no timetable and no project.
Valuation of company shares after offer equals 1.85c cash so that looks like a good deal for existing shareholders.
The fact that the offer is renounceable means that shareholders may also get some cash for their rights if they sell.
This is a much better deal for long term shareholders than the original rights issue of 3.5c.
Its value will depend on a project.
I`ll give a tick to the new management if they have a project and obtain it at value. Will be paying up if they can follow through as the price of the rights is a good start. Your 1.8c right will have a cash in the bank value of 1.85c so the project is important.
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