So I find it very interesting how they have worked up the number of this raise as well as how they have made use of the ' Back to Back ' capital raising trading halts allowed under the new ASX accelerated liquidity measures introduced in March / April due to COVID-19.So if we follow the paper trail back to their last 3B announced to the market on 4th December 2019 , and following the last capital raise , we find that the total SOI was confirmed in the 3B as 217,753,716. Subsequent to that , we know that as confirmed in the half year accounts that a further 29,500,000 shares were issued in accordance with that last raise and as per the announcement of 14th February 2020. This issue then bringing the SOI to 247,253,716 and as stated in the half year accounts.This then brings us to the current raising where they clearly have made best use of these new ASX rules whereby they have ADDED the NEW shares issued under the 15% 7.1 capacity limit BEFORE issuing the 10% component of Tranche One as follows :-o 37,088,057 Shares under ASX Listing Rule 7.1; ando28,434,177 Shares ASX Listing Rule 7.1A; andSo it's no wonder we now require shareholder approval for the ' refreshing ' of these limits and to obviously satisfy Tranche Two. Because as we can see , Tranche two is approximately the FULL 25% ( 2359% ) of the current shares on issue from Tranche One of 312,775,950. Tranche 2 will comprise73,795,947 Shares at 1.1 cents per Share to raise $811,755 (before costs), to beissued subject to shareholder approval.So while they haven't shown us the ' Composition ' breakdown of Tranche Two , it very much looks like they will be exercising almost the FULL use of the refreshed limits of 7.1 and 7.1 A.My only questions then would be Who is going to get the additional approximate 10% and Will the shareholders get the opportunity for the amount raised under the 15% - because strictly speaking , the new ASX rules would suggest that we be offered this amount obviously on the same terms as those just issued. And if not , I would be absolutely be screaming in the streets if not making that call to the ASX myself. The only thing is we won't know an ' Ex-date ' or a ' Record Date ' until the meeting if called and concluded in July - AFTER and conveniently following the end of the Tax Year......" The Company will convene a meeting of shareholders to be held in early Julyto consider the necessary resolutions(Meeting). "So obviously it would seem that they are not in any rush to proceed immediately with Trance Two , and hopefully there is still plenty of Interest come July as you'd hate to be one of those Investor's to have sold out prior to 30 June only to become aware that the record date was 30th June..... And at this stage it looks as though it could be a 1 for 6 or 1 for 7 entitlement based on the assumptions that shareholders will get the shares offered under the ' refreshed ' 15% limit........
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