Ann: Appendix 3B, page-6

If you read the recent spate of MNS announcements literally then you may believe that MNS owns battery factories in Aus, NY and Germany, with customers too.

As we have been discussing on the forums recently, you have to use a bit of innuendo and prior knowledge to know what the announcements mean.

What MNS said was:

Capital Raising
The Company has raised A$5.0 million via a placement lead managed by Bell Potter Securities Limited to Institutional and sophisticated investors locally. The placement consisted of 12,500,000shares in MNS at A$0.40 per share.

What MNS could have meant was that they initially received applications for $5m but ultimately some pulled out due to wider market fears, or perhaps because of the prospect of a 12 month period without being able to sell.

The thing about placements is that the terms generally have specific "outs" like market conditions, price thresholds, misrepresentation, etc. Who knows why this 3B isn't the full 12.5m shares.

Now, some might try to tell you that another 3B is coming or something like that - but my personal view is that MNS had more than enough time to raise the money and place the shares, particularly following its trading halt.

You will remember I was waiting with excitement for the 3B - I was called names for it too - yet here we are with a half-baked capital raising result and no narrative as to why?

Better get Trevor or Terry or Trent (can't remember his name off the top of my head) on to it - get some more practice in announcement writing into this week!