Ann: Investor Presentation, page-50

What would you do as MD/Board if you got say $5m of cash from the issue and were sitting on a $7m loan at 19%...??

$5m would require 27.9% of the rights issue to be taken up.. So very achievable.

I'd Pay down as much debt as would leave me 12m of available cash for operations and get cracking on the refi of the remaining debt.

Id also start looking at a convertible note at 10% and pay off the balance if the refi was going slow. They'd raise $5m in a heartbeat using the right broker.

Id take a cheeky $50k of convertible notes in this thing tomorrow at 10% and whack them in the bottom drawer. Surprised they didn't just go that route to be honest. Getting paid to be there, and with VWAP conversion, it better than getting free oppies.