Ann: $10m Institutional Placement, page-24

his line in the IR report s interesting " TimetableThe timing of the Tier 1 capital raise was determined in order to meet the opportunity and APRA licensing timetable. As a result, ISEMAU is well on track to achieving its stated goals in a timely manner."It was curious that the CR occurred AFTER bad news, which just seems bizarre if the company chose the date, or, based upon above, the date was set within a date range to "meet the opportunity and APRA licensing timetable".The opportunity is estimated at $200m GP Revenue for ISX if it can achieve 100% of the market sector in AU, with a realistic target of 10% set by the Company during the latest roadshows. I just cant see why the major holders/founders would want to dilute unless there was a massive opportunity ahead. Given teh cash at bank, if money to fill up the tank was the issue, they could have waitied another week, 2, 4? weeks whatever, post the EU stuff going live next few weeks, and then done a CR. That would have been at a better price, surely.