EGM - Vote ‘NO’ to board 10c shares, page-45

It has been the rapid increase in fertiliser prices that drove the share price from 10c through to 17c over a very short period of time (~2-3 months). What price would be expected for a cap raise to be at? What was the fair price given the price ran so hard? Noting that it is a fairly low capex project and there shouldn't be massive future dilution. It seems counter intuitive to issue a CR at 10% discount to eg 10 day VWAP for a stock that has run up on (potentially) shorter term macro factors and speculation. However a fairer CR process would have been an SPP offer at 10cents to give holders the right to help mitigate dilution. That should be the ask of management.