Ann: Business Update and Equity Raising Presentation, page-2

Not a real surprise to see them raising more equities, given that there is now a strong potential of growth for their development business (with a rather limited risk, for their land lease community business).
The difficulties of Lifestyle Communities are also probably an opportunity for Aspen given that it creates limited competition to acquire land.
Interesting to see that Aspen is now mentioning opportunities in Victoria, while they were more focused on WA and SA so far.

Obviously, Aspen will have a large potential of financing after this capital increase :
- 74 m$ of cash,
- their remaining stake in Eureka, currently valued at 28 m$,
- and an extended financial facility by their banks (debt facility increased by 50 m$ at the beginning of May).

Also worth noting that the company mentions more opportunities to acquire land/projects, including distressed assets.
So the risk that they over pay continues to look limited.