Correct me if I am wrong, but it would appear there will be a rights issue on a one for eleven basis..Hardly worth applying for, even with a 1/2 free option. Once again the retail shareholders get screwed. Those investors participating in the placement will reap the rewards of getting a firm allocation (without being a shareholder), receive their shares earlier and the well connected would have sold on market ( prior to the trading halt ) at 2.4/1.9c to cover the purchase. I wonder if the directors will seek approval to participate in the placement?
Ann: Trading Halt, page-37
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