Clearly, growing the Industrial Services Division revenue from $10.1M in FY20 to $20.5M in FY21 and then to $31M projected for FY22 requires capital. I would much prefer a capital raise in these circumstances, which includes Balance Sheet issues including already relatively high gearing (because of growth) and a non-ideal Current Ratio.
By my calculations, the dilution amounts to around 12%. Quite small given the growth rates. As a small shareholder, I would have liked a chance at an SPP, but sometimes it is better to just get it over with quickly and the share price can move on, without the risk of the SPP not being fully subscribed.
Ann: Trading Halt, page-18
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