Yes, I know it is optional. Quite a big facility though: $50m for a 14m capped company even at their current rate of cash burn.
I am wondering whether that $50m facility might be the real reason for the ASX delist as if they stayed listed on the ASX they would have been constrained to the annual 15%+10% that can be got at an AGM and any more than that would have to be put to vote at an EGM? Given so few shareholders had voting shares (asx only), it would have put a fair bit of power in the hands of the larger voting shareholders on the ASX.
So, If I am right with the read of that (may not be) , that could mean they do intend to use it in a big chunk. And that could only mean one thing.... A bolt on acq that they do not want to have to put to a vote for capital.
Could be stretching my imagination here. Just seems plausible to me.
MOB Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
