You are not wrong here, simple math, and running through some...

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jcallaway

485 Posts.

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24/03/21

08:52

Post #: 51992356
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Originally posted by Gucci: ↑

Now I know I have been the devil's advocate of my own investment recently but still you would think the latest notice would reconcile here (pardon my accounting)... the number of total shares is out by 1,139,013. Also the date of issue should also say Jan 2021 and not Oct 2021.

This should be read proof its embarrassing! There is enough speculations about these related parties placements as it is!

Management owes the shareholders a big explanation as to these sophisticated investors and the reason they have raised the latest placement @06 cents on majority to a related party Company...

As per a previous announcement;
"The Company has received firm commitments to raise AUD$7.914m through a placement of 131,899,999 fully
paid ordinary shares (‘Shares’) at $0.06 per Share to sophisticated and professional investors (Placement).
Subject to the Company obtaining shareholder approval, the Company will also issue to each subscriber under
the Placement one free-attaching option for every two Shares issued (exercisable at $0.20 each and expiring
12 months from the date of issue) (Placement Options).
The issue price of Shares under the Placement represents a 15.5% discount to the last close price of A$0.071
and an 18% discount to the 5 trading day volume weighted average price."

NET has paid more at the time to payout ARIE's $4,000,000 loan but may have shot themselves in the foot now that the shares are trading @0.043 cents...
ARIE had to buy back on the market @0.046 cents to average down their investment I suppose.
They will also be compensated eventually when the shareholders vote to write off all options not exercised... more dilution for us!

Please prove me wrong here...

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You are not wrong here, simple math, and running through some turgid disclosures.

Demand is showing up to keep SP above 4.3, churning perhaps.

NET Price at posting: 4.3¢ Sentiment: None Disclosure: Not Held
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