Ann: NEXT GROWTH PHASE FUNDED WITH $10.2 MILLION CAPITAL RAISING, page-10

An opportunistic raise given the run up in SP. The large discount looks unnecessary especially given the significant retail shareholder dilution - the brokers (Shaw?) would have pushed for this to ensure was filled and so their institutional mates can get a piece of the action at a low price and they get a dead easy commission

Just the way the game is played.

They are taking advantage of COVID rule changes by ASX allowing private placements of 25% (normally capped at 10%) which does look like gaming of the rules given they were changed to enable liquidity funding of companies hit by COVID and this raising is the opposite of that

management no can focus on creating value and not worry about constantly going back to the markets - hopefully any future raises will be via a standard rights issue allowing retail share holders to participate.

reality is the big end of town drives small caps like NOV and we just go along for the ride - expect some value leakage along the way and recognise the good job management are doing at the coal face which I expect to continue and this a a +$1 stock once the banking license is announced