Ann: Smart Communications to deploy Freeway Roaming Service, page-135

Well I guess State One are downramping also?

State One report:

"Note: Predicated on our cash flow forecasts, we calculate that SYT will require some A$5m in additional funding in FY19E. While this will most likely be sourced via an equity raising (as in December 2017) for modelling purposes (lack of visibility on share price/dilution) we assume this funding will be via debt facilities."

Syntonic didn't seem to mind this statement either, as they promoted the report to investors.

To raise a further 5M at a 25% discount, Syntonic will need to issue a further 555M shares.n