Ann: Accelerated Non-Renounceable Entitlement Offer, page-9

I'm not sure why everyone gets so upset when they are provided with an opportunity to invest on equal terms? Especially since every time I've seen a DGR listed company raise they are always happy to provide retail holders with an opportunity to take up basically as much shortfall as they want.

I believe @senderos is correct. They are trying to entice the CN & option holders to convert. If converted, the saved interest payments and option premiums would deliver ~$15m in additional value (quite a rough calculation, I'll admit.)

This isn't bad given if this occurred the total raise would be ~$21m.

I appreciate that if you aren't in a position to top up it sucks, but for those of you have held for a while you sound learn with DGR subs it makes sense to keep some powder dry!

For what its worth, I'm just trying to provide some additional context around what at the surface looks like a cheap raise.

If anyone has more time on their hands on wants to calculate the exact numbers:

https://www.armourenergy.com.au/capital-structure/

Option premium + CN Interest @ 15% on $0.11 expiring 30/09/2019

Disclosure: I only hold DGR. Also, I can't see why DGR would convert their CN's early, (unless of course they in turn issue more DGR CN's to Tribeca.)

Circle of life...