Ann: Capital Raise Investor Presentation, page-16

I am not an accountant, so this observation might not be particularly important.

The sale proceeds from the Avenue divestment were headlined at $18m in the first announcement on 21 June, with a footnote indicating the proceeds are subject to a working capital adjustment which is not quantified.

Page 25 of the PowerPoint presentation on the same day quantifies the sale proceeds as $14.5m and a footnote indicates that the working capital adjustment is estimated at $3.5m. So known and quantified proceeds of $14.5m were overstated by 24% in the first announcement. Not a hanging offence, but it shows how desperate management must be.

I assume Phil Ryan will be looking for a job soon.