What a load of crap. a) Placement @ 3.5c which is a significant...

What a load of crap.
a) Placement @ 3.5c which is a significant discount to the lowest it has traded since re-listing.
b) A rights issue - are you serious? Which holders here would be interested in a rights issue after the directors have destroyed the value of existing shares already?
c) The Lead Manager 'proposes' to underwrite the Rights issue. I've never seen that before. They're either underwriting it or they're not. Make up your minds.
d) If you going to destroy the value of the company even more why raise such a piddly amount?
e) Have I got anything positive to say? No. So I better stop now...