Ann: $70m Fully Underwritten Placement and up to $5m SPP, page-87

It is unbelievable that DRO has done this again.

A little over a year ago, they raised $30M more than they needed (or originally asked for) selling an addition 100M shares at $0.30. How on earth do they need more cash when they are already profitable, have $60M in the bank that they are not chewing into, and have no plans for new expansion beyond the cost of staff and components?

With the increasing share price, the effective cost to shareholders of that last $30M has blown out to $112M. Management effectively p*ssed $82 M of shareholder value up against a wall.

Then, like now, they hyped the share price up and then sold more shares, and the price then got smashed down to the low 20's. They thought it was a good deal because they got a good price for the time, but as the company grew that good price turned into selling shareholders up the river with another massive dilution of future gains.

In this CR they have also offered less than 10% of the new offering to existing shareholders. Will they also do what they did last time and when the SPP is oversubscribed and just sell them whatever shares they can sell and yet further dilute the company's future profits?

I wonder whether the market will react this time, like it did the last time, and drop 20-30% below the issue price. That would put the share price back in the 60c range.

DRO has a great business that is being seriously damaged by the worst capital management I have ever seen.