Ann: Non-Renounceable Rights Issue Offer, page-14

In thinking about it, here are what I think the implications to shareholders. I haven't seen the new T20 but presumably a very large proportion of shares are held in very few hands, based on the size of previous cap raises at 1 cent etc.

My maths might be wrong, please free to correct me, but this is what I read.

If you hold 10 million shares (0.83% of the company today), you have the option to pay the company $13.3k to purchase an additional 3.3m shares, to bring your share in the company up to 0.66%. Pay 13k more into the company and we will ONLY dilute your shareholding by 20%!

If you don't pay, the company reserves the rights to dilute the value of your holding, including voting rights, to around 60% of its current value.

Whoever thought this was a good idea has rocks in their head. As if shareholders haven't had enough of this shit.

You'd think someone there would say.. hey. Shareholders are pissed about the value of their investment dropping to 1/10th of its value in a few short months. Let's show that we're confident and not out to do body cavity searches on all of them.