Ann: Extension to Entitlement Offer Closing Date, page-17

Why 3 days? Maybe because the Monthly 4C is due by the end of the month, and it is going to expose more detail on the financial impacts of the critical component supply issue. It's best for DM that the cap raise is closed before then, sucks for shareholders being poorly informed though. Such a surprise no one is taking it up.

I hope you're prepared for the 4C.

In May, BUD disclosed manufacturing operated at 68% capacity.

In June, BUD was only expecting to produce 45,000 units and had to defer 355,000 to July & August. That is 11.25% capacity for the month of June. Is this all the supply they can obtain through the spot market, 11.25%?

They ordered 2.8m critical components, with 600,000 due early August and another 400,000 by mid-late August. If they had been received DM would have released the info to the ASX. So that 8-12 week "shift in production" is now at least 12 weeks and who knows how long it will go for? Will it end in time to supply the end of year demand?

Now, this is term "shift in production" is classic DM. Let's ignore the fact that bills have to be paid! If you can't produce goods, then you don't have goods to sell to pay the bills. If BUD is only producing at 11.25% capacity, that inventory is going to be consumed pretty quickly. If the inventory isn't being consumed, then it probably means you're products just aren't selling and you will run out of funds even sooner.

BUD need about $5m per qtr just to cover corporate overheads. Any COGS is on top of this. It looks like that sophisticated cap raise could be gone before the qtr is even finished.