ipo valuation around $11.5m, page-13

D&C

I'm well aware of the numbers and wasn't complaining

This is my point, announcement that lack enough detail so the market can understand quickly is not going to help the SP

They originally had 96M shares on issue and advised the market that they were planning to enlarge the capital base

The figures are 192M + 40M to AceA = 232M figure you came to yes

However, there is also then 138M options to consider as well when doing the numbers, which would bring total shares on issue to 370M

However, when and where did they advise the market that had been done and in effect ?

Now when they announce a 20c IPO, the market therefore either has to assume they are meaning at the 370M figure with AceA having 40M options at half the price (which would imply a ridiculous market cap), or the market then has to work out for itself that they are doing a 4:1 consolidation, after already doing a 1:4 enlargement - so unless you have a decent understand of corporate structure, that is going to be confusing no doubt

Therefore AceA's options should now be priced at 40c to coincide and they'll have 10M of them

As I said, it is nothing sinister but why not wait till you can summaries it succinctly to the market to avoid confusion ?

Likewise with RAF obtaining shares - Why not be transparent and disclose at the time ?