Ann: Update to Replacement Prospectus for Entitlement Offer, page-7

Why a 10-1 at 2.9c (12-1 FD) CR ? when a 1-1 at 45c would have had same merit, but protected 50% of old equity ?

That is the question the ASX or ASIC must ask.
What are they up to. ?

Incompetence ?
Desperate ?
Or some other manner whereby the majority reject the CR thinking sinking ship, but then a new majority of the CR is taken up by essentially corporate theft / if the company were to be say acquired ?, taken over subsequently.?
Those who dont participate have been rinsed out of the sponge to a large proportion from not taking up their CR. And those that do with a roll of the dice of more of the same negative cash flow, and poor capital stewardship.

What they have done is say, we are willing to destroy most of your old equity with a 15-1 consolidation, followed with a 12-1 dilution at a killer floor level.

A good steward of your capital would have done the CR at 45c 1-1 and protected the existing holders value.
They must answer the question, why they have done this instead. ?