Ann: Share Issue to Pioneer Resource Partners and Market Update, page-42

How about people have a look at the March quarterly and re-read Friday's announcement.

Cash on hand at 31 March 2024 was $2.778m. The pirates at Pioneer have this week tipped in $1m under their placement at $0.054 per share.

The cash burn for the March quarter was $0.928m, so no reason to think that there should be any major change in this rate except settlement of the Mosman deal in late April was $160k, so perhaps the expected burn to 30 June would be say around $1,080,000, so this would suggest that the actual cash position by 30 June should be around the same level as at 30 March of say $2.7m.

Then of course is the SPP which they have set at a raising of $1.9m, so depending on how that goes, the cash position at the end of June or early July when the SPP closes should be cash in the bank of a minimum of around $2.7m or a maximum of $4.6m. Not the greatest but hardly life threatening!

However in light of the onerous terms of the Pioneer facility, maybe the NED's should do two things. Firstly, stop drawing directors fees to atone for signing off on it and also have a very hard look at any advice given by lawyers or advisors used regarding the interpretation of this agreement to see whether a case for negligence may be available. An absolutely shocking deal.

Of course the directors should in the SPP offer document also be confirming that they and their associates will be taking up their full entitlement under the SPP. It's the least they could do.