Ann: Company Presentation, page-29

Aurelex,

I am an accidental holder (ex CZI) but will hold until my understanding of the value here is much better, currently really no idea.

Your stated intent however seems bizarre to me. If there is a CR it is typically at about 15% discount, and unlikely to be more than 15% of shares, resulting in a theoretical loss of about 2% value (ie about 10 cps) to existing holders. However even that needs to be balanced against the fact that the types that participate are looking for a return much better than 15%. In other words it can often be seen as a big endorsement, and if they are wrong then you as an existing SH have effectively taken candy off them. You should also consider that a company like this always has to raise money, and it will almost always be at about the same discount, so just bau imho.

What you should be worried about imho is where companies are doing a CR to keep the lights on, or seemingly just continually feeding cash into the same black hole. I see a company raising cash on a rising sp, and in order to unlock tentatively outlined value completely differently.

I am agnostic as to whether this is a buy or a sell. I believe there’s currently knowledge asymmetry not in my favour and therefore believe it is in my best interests to neither sell nor to buy more. So I am certainly not trying to advise you, just to suggest you might want to look for a better reason.

EL