Ann: Syrah announces Equity Raising, page-37

Those Aust. Super convertible notes were originally intended to beconverted into Syrah shares at a price of around A$1.00.

So if this is lowered down to 66 cents, it means more shares and more dilution for shareholders.

Share price could well and truly get smashed down on Friday - maybe even less than the issue price of the raise.

I reckon we are heading to below 60 cents on Friday within an hour of opening; then it should recover somewhat by 1.00pm (hopefully).

So, Austr.Super now owns 31% of the capital. Hmmmm. A big blocking stake in the event of a takoever.

Maybe that is what is planned in the next 6 to 12 months - hope so. Their entry price has been well and truly lowered and if this sells for $1.80 to $2.00 a share, I'm sure they will be happy to get out of the stock.

And Mr Verner. Well, in December 2020 when he raised all that money from shareholders at 90cents to $1.00, he was given another chance. Oh, and he made damn sure he asked shareholders to approver 4 million options at low exercise price of 44 cents a share (some of which he has sold for $2.00).

CEOS and MDs in this country enriching themselves unjustly IMO.

Someone, should ask him this white elephant question at the next quarterly report for period ending 31/3/2024 and at the AGM.