Ann: Board Changes and Directors Interest Notices, page-23

These were the terms of the director's placement:
10.2 Shareholder Approval (ASX Listing Rule 10.11)

Pursuant to and in accordance with the requirements of ASX Listing Rule 10.13, the following information is provided in relation to the proposed participation of the Related Parties in the Capital Raising:

(a) the related parties are two of the Directors, Pnina Feldman and Sholom Feldman;

(b) the maximum number of securities to be issued is 25,000,000 being 12,500,000 Shares and 6,250,000 free attaching Options each;

(c) the Shares and Options will be issued to the Related Parties no later than 1 month after the date of the Meeting (or such later date as permitted by any ASX waiver or modification of the ASX Listing Rules) and it is anticipated they will be issued on one date;

(d) the Shares will be fully paid ordinary shares issued on the same terms and conditions as the Company’s existing Shares and issued in return for an investment at $0.035 each, being the same as all other Shares issued under the Capital Raising and the Options are issued for nil consideration as they are free attaching to the Shares on a 1 for 2 basis, being the same as all other Options issued under the Capital Raising;

(e) the funds raised will be used for the same purposes as all other funds raised under the Capital Raising as set out in this Explanatory Statement;

(f) the terms and conditions of the Options are set out in Schedule 2;

Approval pursuant to ASX Listing Rule 7.1 is not required in order to issue the Shares and attaching Options to the Related Parties as approval is being obtained under ASX Listing Rule 10.11. Accordingly, the issue of the Shares and Options to the Related Parties will not be included in the 15% calculation of the Company’s annual placement capacity pursuant to ASX Listing Rule 7.1.


So they have 1 more day unless they get an exemption from the ASX to participate in the raising. IMO the month delay was if it relisted it allowed them to participate in the CR at 3.5c even if the price increased. It also gives shareholders the opinion the are participating in the CR even though it is just an option to with terms that benefit them ie if relisted within the month and price dropped they don't have to tip in funds.