Ann: Non-Renounceable Rights Issue , page-14

Yes, good call Surges ;)

It's still worth considering that if there are indeed any trade restrictions on management and others privy to confidential information, a s/holder approved rights issue is the only way they can accumulate shares - I'm sure if any holders here were on the board I guess we'd probably also be keen to do a rights issue and grab a few more shares before announcing any licensing agreements proceeding notice granting the Dermaportation patent.

If anyone can find another company where not one director has traded in any company shares for 3 years I'd be suitably impressed, however if anyone can find another company where not one director has traded in any company shares for 3 years when they last paid 2.3c ps, and had no interest in grabbing any last November @ 1.1c ps because they were confident s/holders would approve a Rights Issue allowing them to pay a higher price for a restricted number of shares in 2013, i'd have to question the sanity of those board members... unless there were existing trade restrictions in place?

I believe they provided the clue in both announcements made today, and even spelt it out for us in the Rights Issue Notice - Within 4 months they will already have enough to cover everything this Rights Issue is suppose to be raising capital for...

"The funds raised by the Rights Issue Offer and Option Offer and the issue of shares upon the exercise of Attaching New Options and Option Offer Options will be applied by the Company to advance its own products program including the Musculoskeletal and Pain Management development ($2.0 million), Clinical Development Programs ($0.3 million), Intellectual Property ($0.3 million), Technology Expansion Programs ($0.4 million) and Working Capital ($0.61 million)."

2,000,000 - Pain Patch
300,000 - Clinical Development Programs
400,000 - Tech Expansion
610,000 - Working capital
3,310,000

2,558,933 - Cash as at 31/12/2013
864,559 - June option conversion
3,423,492 - They already have enough funds to cover everything the Rights Issue is for, and this doesn't include potential revenue from CRO activities

Makka, Novus are getting 5m options + $211,800 for managing and underwriting this issue. They were paid an underwriting fee of $314,050 in 2009

Interesting price action, or rather panic selling, compared to the last Rights Issue Ann which didn't see the price move at all until the next day when it actually closed + 13.80% higher (on over 60m volume) which represented a sp of + 26.09% above the price of the Rights Issue.

Also no private placement has been announced with todays notice, although by my calculations, under the 10% placement facility this will now allow the company to issue another 117.5m shares... GSK... P&G...?

2009 SP Movement
07/12/2009: 2.7 - 2.7 - 2.5 - 2.5 Vol:13238491 0.00%
08/12/2009: 2.5 - 2.6 - 2.4 - 2.5 Vol:18299986 0.00%
09/12/2009: 2.5 - 2.5 - 2.5 - 2.5 Vol:8351849 - Rights Issue Offer 0.00%
10/12/2009: 3.2 - 3.2 - 2.8 - 2.9 Vol:66263699 + 13.80%
11/12/2009: 3.0 - 3.1 - 2.9 - 2.9 Vol:21313818 0.00%

2013 SP Movement
26/02/2013: 1.9 - 2.0 - 1.9 - 2.0 Vol:648054
27/02/2013: 1.9 - 2.1 - 1.9 - 2.1 Vol:6162313 + 5.00%
28/02/2013: 2.1 - 2.2 - 1.5 - 1.5 Vol:20766277- 28.60%
01/03/2013: ?.? - ?.? - ?.? - ?.? Vol: ?

If I was the MD i'd make the record date 5pm today - That would be one guaranteed way to see the sp fly again tomorrow ;)