1 for 1 at 8c, page-17

There's also the options (exer. 8 cents also) to consider (3 for every 2 new shares). You'd think that the largest subscribers would give some indication of whether they would exercise those options straight away.

When you do the sums including the options, and assume the largest shareholders will oversubscribe as much they can, we have the potential for a radical transfer of wealth between shareholders.

You'd also hope they'd be looking to rollover some liabilities, hopefully with new non-Chinese creditors.