Almost sounds like they have given up. Nothing in the Director's report about potential positive happenings in 2022, and all commentary about reaching profitability this year abandoned.
Jenkins loan may have to convert at around 0.8cps meaning another 50m issued to him. Will leave him with 12-13% of the company, and with his director buddies, a controlling interest.
They will be the only ones that support the upcoming capital raise, so that stake will get even bigger. The hope for retail shareholders is that these guys make an offer to purchase their shares and then de-list the company (why pay all those compliance costs and be forced into transparent reporting for a business turning over less than a coffee shop?). But more likely, retail shareholders will just be diluted with the upcoming capital raise, and will effectively cede control of the company without receiving any takeover premium.
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