Yes, when I did my DD on the company about a month ago my main issue with the MBU sale wasn’t mentioned nor the royalties. This is required info from SH perspective to understand if that deal was in their interest, shows transparency and comms from mgmt, and I would think ASX should have also asked for this clarification. Telling the SHs now that the amounts are in dispute isn’t great form.
I was informed that the raise was done to plug the hole created by Arna’s dispute and informing the market would have crashed the SP to 3c and then a discount on it would make us worse off. Further, the shares to be issued to KPRX is subject to shareholder approval. On balance I am coming to terms with it. If you are against the issue of shares, vote no, and if the no vote wins let Gary get back to more discounted raise to plug the hole. For now, at least the funds give certainty to complete the trials while the company hires lawyers to pursue Arna. Whenever those funds come in part or full will be welcome.
AIMO. No advice.
Ann: Proposed issue of securities - SNT, page-34
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