Ann: Trading Update and Capital Raising Presentation, page-27

Shocking raise. Also nice touch on foreshadowing the BOD changeover coming at the next AGM. They know this isn't going to go down well and already offering some sacrifices haha.

I don't understand the extreme urgency to raise and at such a discount. If their other projections for FY23 are defensible then 12 months of operations would make good headway on their debt. Strange.

Despite this, in 12 months' time this will look very different to the current market mood and if they hit around $50m EBITDA then I'm not concerned about this bump. Stings the portfolio short term though.