I seem to recall a statement that C Giles would not increase his...

I seem to recall a statement that C Giles would not increase his % held in the company during the share issue and we recently had a notice of a 10M share placement at 10c which I think TOD has confused with the announcement of the change in % for Giles.
You could easily make the case that Giles should have taken up his rights but then he would probably have triggered the 20% which he said he would not.
This most recent announcement seems to simply be a statement that his holding is unchanged but his % had reduced. I won't be surprised to see an announcement shortly that it has increased if he is able to take up the remainder of the shortfall. I cannot comment about the ASX rules as I don't know them.
If you do the numbers the shares on issue went from 218M to 265M and the issue was capped at about 274M.
We had an announcement today of a new substantial holder as well.

TOD/Eddy etc, I know you are disappointed but taking personal shots at Giles is in poor taste and does not add to the conversation.