Ann: Entitlement Offer to raise approximately $18.1 million, page-19

And they took all the rest of the worlds markets with them to hide it right?

They have just raised $36 million (if options get converted and the entire CR is taken up) at 21.25c (fully converted price. (17c plus 25.5c ) divided by 2). That is a large discount to the previous 12 month Vwap. But, the money is needed to progress a very cutting edge pipeline.

With lots of trials about to hit the clinic within the next 24 months, costs are increasing to the point if a raise is not done we start getting close to having the minimum number of quarter funds in the bank to keep ASX enquiries away. It is unfortunate that drug discovery biotechs, world wide have been sold down since last Nov. But it is what it is.

But after giving it lots of thought. i will be taking my entitlement and will be asking for a few more. My reasoning is that the 17c gives me exposure to 1 share and 1 option. I have the future choice of either converting that option. or on selling it when they come on market. So that is good bang for the buck now. so maximum exposure for the dollars i have now. Yes it will be cheaper per share price to buy on market when the price drops to the CR price (17c for one share on market vs 21.5c per share when option is converted) but my $1.70 now will give exposure to 10 shares on market or 20 shares through the entitlement (with a future cost). To get the same exposure on market i would need the share price to reduce to 10.75c (21.5c divided by 2). Selling the option at a later date is another way reducing the CR cost.

Now check those numbers for mistakes.

Will be interesting to read the announcement tomorrow. to see if the institution place went well. and if we find out who participated. Some funds play nicer thsn others.

After todays market I expect there will be downward pressure on the share price. After 7pm tomorrow, your entitlement amount will be frozen. So some may sell the next day to finance the entitlement. So I expect the share price to go below the CR price. This is why I have worked out an equivalent on market price, just in csse : )

I mentioned yesterday that i also expect down ramping to increase until the CR is done and dusted. This is all normal during small cap CRs.

Everyone is in s different position. What works for one, isnt right for someone else. Thats how markets function.