Ann: Trading Halt, page-85

The last quarterly was Dec 2023 and the company stated they had sufficient resources to carry out its planned activities for FY2024, so although a good (great) time to raise, it’s still a controversial decision due to the company’s most recent quarterly basically saying it was not necessary.

I said before I was dubious that it ran hard as long as it did on no material news to the market, so was happy to take a price and sit in the grandstands to watch for a bit.

Im really hoping that the raise is a little more inspiring than a “working capital” raise given that last quarterly, as I think the SP will be punished for it if it’s not a big deal landing. There’s no doubt a lot of new investors YOLOd into this purely off the charts and they’ll want to get out quickly to preserve capital themselves.

Companies need capital but there’s no stepping away from the fact it often reopens sub the CR price and the concern for me is what underpins the market valuation other than the exuberance of investors?

Im giving the company some respect on how they’ve operated in the past and expect the announcement tomorrow to be more than a working capital raise.