Ann: TSI Announces Capital Raising to Raise up to $13.9M, page-3

Correct me if I'm wrong - the net effect of this

• ~$3m (10% of your market cap) in transaction costs going to a large shareholder - Salter Bros
• $0.5m pa + min 20% uplift on $5m capital going to another large shareholder - Grove.
• 20% uplift on debt interest rate
• Interest of $2.6m pa turns into Interest + Rent of $2.8m pa
• Forecast breakeven point is pushed out 6 months to Jun 25
• Shareholders are diluted by 40% (more if/when options are exercised)

Well done team