afr mention of gcn and pon, page-2

techbig

Good find. At first I thought this was old news, but obviously it is not - it mentions an earlier valuation of P1.

So what is going on with this unanticipated capital raising?

My hunches are that:

1. the previous giving away of P1 shares to GCN shareholders is now not seen to conform with the ASX listing rules for obtaining shareholder spread;

2. P1 is now seen not to have enough capital to list;

3. the much touted 'Cornerstone Investor' did not materialise.

A lot went wrong in six months. On 6th September GCN stated: "Priority One Network Group does not intend to raise any further capital prior to its proposed listing on the ASX being finalised."

So wasn't it a bit discourteous not to inform GCN holders of this dilution of their holdings in P1? I'm not in that group, so perhaps a letter was sent informing them of these developments.

Finally, I realise one should not believe everything one reads in the newpapers.