Ann: Capital Raising, page-141

At this stage we have a buyer at 56 cents & sellers from 58 cents to 60 cents so who is going to exercise the rights & pay 60 cents when there are some shares available for less & no buyers over 56 cents?

This capital raising has become a complete farce & poorly thought out.

The options should have been free & attached to the rights.

In October when SMN had a trading halt before announcing the cap. raise the share price closed at 97 cents.

As I have mentioned previously, all they had to do was have a rights issue at $1.00 & attach a free option to be exercised at any time within the following 2 years at $1.00 & there would have had shareholders clamouring for more. Instead we have nobody buying at 60 cents & some poor souls might pay 10 cents for the options to be exercised at 90 cents.

I hope I have an opportunity at the online A.G.M. to be able to explore the directors thinking & who advised them.

I just noticed some transactions going through at 58.5 cents.