Ann: Completion of Placement, page-39

Yeh, can't see the 2nd tranche being approved by shareholders. Remember, directors can't vote.

You can now see why no directors were buying on market when the SP was a 'bargain'.

Why not make offer to all shareholders? You will hear the excuses like it costs too much to do a SPP etc. Well, I'd happily pay more than 31c if I was given the free long dated options @44c. If you value these options at a few cents, then the actual raise price was closer to 28-29 c. Looks like they were convinced by BP that they couldn't give the stock away and so beaten down to this price. Yet it was oversubscribed. So does that mean it was too cheap?

So existing shareholders need to think about what the company is really worth if CEO couldn't convince BP that the expected deals to be signed are worth much. Maybe the expectations are too high on the deal value and potential for company. The fact they couldn't source the full amount in Australia and had to go to US is telling, despite claiming oversubscribed.

I hope those long term holders here have access to management and pick up the phone and get some answers. Please report back to this forum if you can shed some light on this confusion. Cheers.