Ann: Non Renounceable Entitlement Offer, page-15

if they raise half of it, can they linger on until the ARB is paid out ? or equipment sales ?

I note they are allowing holders to apply for more than their allocation.
If i put my conspiracy hat on, i could speculate that the aggressive selling of the note, was orchestrated, for who ever to scoop the equity on offer at this raise.

How does a note holder, just decide his own terms when a floor price is breached ? and to sell the stock, into a spiral of its own making, redeeming the relevant volume conversion after the event to always cover its backside ? I dont know enough about the convertible notes to argue that case further. But something stank. And still stinks.

And when they had to breach the floor price of the note, and into the companies 15% capacity to facilitate it as a placement. Surely Brian would have been aware at that point of the 1.5c floor breach, and the conversions that were flooding the market before the cleansing statements. ? Why didnt he call stop then. And do a rights issue at those prices ?

Yet here we are. At 150% dilution including the new options. And who is the benefactor ?
Shareholders are left wondering if their disgust in this debacle, is to leave them with 40% (100/250) equity if they do nothing, allowing others to steal that 60%. Or if this really is the last train wreck of management before that promised offtake finance is delivered.

I'm just sick of the dog at the homework. And the capital destruction we are witnessing.
This is a very shameful debacle. And a question lingers over how the aggressive selling of the note holder was permitted / not restrained, to get us here.