This is not good people...... this is a non renounceable rights...

This is not good people...... this is a non renounceable rights issue, this means that holders cannot sell their right to acquire shares at 6c.

Unsurprisingly, the rights issue is not being underwritten by anyone. The company could not find a broker willing to take the risk.

The shortfall shares that are expected to results from non acceptance of the apparently overpriced offer then get offered again. For up to 3 months after the close of the rights issue.

This is after the February 2020 interest payment is due. We are likely to run out of cash before then.....

We also require an emergency loan from one of our loss making directors of $2.8 million to get us through the period. What happened to all the stuff we just shipped, why aren't we being paid that?

6c for this issue is far too high in my view. We have a collapsing commodity price and massive refinance risk for the debt of $192 million.

This ain't gonna end well for anyone... smells like A40 all over again to me.