Ann: CEO Q&A with Ben Daly-ZYB.AX, page-51

During 2015, Zyber's predecessor DUO undertook the following capital raises.



From 27 Feb to the suspension for the RTO, DUO traded 1,818,314,500 shares. If you assume that half of this was placement holders churning out, around 800M placement shares remained on the register upon relisting (160M on a post-consolidation basis).

Prior to trade yesterday, ZYB had traded 235,628,403 shares since relisting. Using the same 50% metric, ZYB would therefore need to have traded around 320M shares total before all the placement shares have been churned out. However, you also have to account for some churn from the RTO placement at 5c that might have sold out at a loss since relisting.

It is clear to me that its the overhang in the capital structure from previous placements that has pushed the share price down to current levels. The clumsiness of previous management has not helped - if our performance had been stronger, there would likely have been some more new buyers and high-volume spikes that placement holders could have sold into to exit quicker. It's not clear how much further we have to go to remove this overhang, but the numbers above provide some guidance.

Hope this makes sense.