Ann: Appendix 4D & Half Year Report, page-16

What happens if the cap raise rights price is around 45 cents & the share price falls below that price?

The answer is--
Mac Equity Partners Pty Ltd (AFSL 338731) may place any shortfall of the Entitlement
Options on a best endeavours basis.

Hmmmm.

SMN still receives the money & the cap raise will be successful but who will be the winners & who will be the losers?

The losers will be the current shareholders who will have their percentage of equity reduced & the value of their holding reduced.

The winners will be SMN who will receive the money from the cap raise & whoever takes up the shortfall at the reduced price.

Ask yourself, " who is responsible for putting together the new prospectus & terms for the cap raise".