Ann: Results of Entitlement Offer, page-8

The concerning thing for me is that they believed $4m was realistic in the first place - with supposedly a finance professional on the board...

I performed a very high-level analytical using the number of share holders with marketable parcels and discounting for placement by sophs in top 20 and duplicate holders, it was extremely ambitious to think we could get anywhere near $4m with the dollar amount expected from each eligible shareholder - would have been around $70k each... didn't stop me from participating though...

I actually don't know what is more concerning - the fact that Iain and Co knew that and anticipated holders could/would stump up that amount, or that they didn't do any financial modelling to determine a reasonable cap raise amount (isn't this what the cap raise fees should be contributing to?)...

Whatever the case, I think there is a massive disconnect between Board + Management and the position BCT currently find themselves in.

Will be interesting to see their next move - my confidence is at an all time low.