Also, how was this sort of announcement not price sensitive?
Surely the fact that you are cutting everyones share of the business by 2/3 at an issue price that is 75% below what is the last traded price would be considered "sensitive"?
These guys should be in jail for this. Why wouldnt you just sell the business (should at least get $3 - $5 mil)rather than cut the existing value to the equivalent of $1.8mil (shares now times 1c).
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announcement very bad, page-2
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