Ann: Fluence to Raise up to A$40.7M to Substantially Reduce Debt, page-9

I have a positive view on the raising for the following reasons :

1. It clears the RSL overhang.

2. It clears the upwell debt and therefore the possibility of default/bankruptcy.

3. New shareholders are being asked to pay $ 0.12 per share fully underwritten.

4. We as loyal (stupid ?) shareholders get to buy at average price of $0.08 per share.

5. Management are buyers at this price and will have more skin in the game.

6. New management seems to be turning the business round and re-focussing it well (i.e. USA, waste to energy etc).

For those reasons I will be taking up my full entitlement, particularly If price on Friday is north of the 8C (and I think it will be).

Just my thoughts as I may well turn out to be congenitally stupid