Ann: Entitlement Offer and Placement, page-84

Rebel, I tend to agree with you. I like your thinking.
After reading all of the pro's and con's from punters here, my thoughts are simple.

This may in fact be a good move by management to give something back to the long term holders at 10c.
Yes, it does appear very cheap compared to the proposed listing price and may cause some dilution in the near term. Price may temporarily drift down close to 10c. (But then again it may not).

That said, the only down side in my view is that the journey back to 30c plus, from 10c will take a while. How long, well, we don't know.

But with all the expertise and technology being brought in then all should be OK down the track. SP will appreciate.

In summary....
'One step back to take two steps forward'......
However, this one just might be 'one step back to take three steps forward'...

Patience my friends.