General comments/chat, page-44547

My opinion on the competence of the ADN management or rather lack of competence has been demonstrated again today.

Before this CR there were 3,110,270,932 shares on issue.
They were allowed to issue up to 15% of new shares, which is 466,504,639 new shares.

In the CR to sophs they have issued 283,333,344 shares at 1.2 cents raising close to $3.4 million.

That leaves only 183,207,295 shares available for placement to existing shareholders at 1.2 cents which if is taken in full will raise just under $2.2 million.

Not $3.1 million stated in the announcement. I would say that today’s announcement would fall into misleading category or demonstrate total lack of understanding of ASX rules.

It’s unlikely that shareholders will stump up the money at above current price so they will do another CR for the remaining available shares to sophisticated investors as per announcement.
At what premium to current price?