Ann: Capital Raising Investor Presentation, page-11

Intelligent Investor picked up that a cap raise was on the cards a month ago though it was more for additional acquisition opportunities vs paying the earn outs...

Latest comments (literally, in the comments of the original piece from a month ago) from Nathan Bell over there are basically the same as some of the comments here - I'll paraphrase and occasionally quote:

- Disappointing being in this position given it was known from the outset that these earn outs would need to be paid .... and disappointing investors were able to play hard ball to get the discount on the share price which is already at lows.
- "I'm sure Shaun would've raised more if he could've."
- Maybe enough to see the company through, but no guarantees - LATAM business may still need investment dollars.
- No acquisitions coming now.
- Needs to focus on increasing profits
- And, quote: "As the amount raised was so small, I don't think this is going to remove the fear of another discounted raising leading to a 're-rating' as Shaun believes."

The last point relates to the CEO hoping that analysts (or "the market") takes a fresh look at FDV and assigns it much higher value through the Zameen holding and LATAM picking up profitability.

My friends, these dark clouds are exactly why picking stocks isn't easy, and why downswings are so hard to ride out. This is a high risk opportunity, but I'm not wavering from trust in the long term here.