Ann: Classic Undertakes Rights Issue and Prospectus, page-10

I actually choked up with laughter when I read this.
Told you the auResources deal was a scam to placate the ASX.
Wording exactly the same as last issue “rewarding shareholders”.
Only $1.6mill of the $2mill going to the company, no doubt for wages despite their outline for funds. $400thou in costs.
This will bring the number of shares on issue to nearly 400% more since consolidation ie devalued by 75% if you don’t participate, let alone the continued collapse of the share price.
Im pretty sure the last share offer was less than 50% subscribed for by retail and I expect this to be even less. New owners are going to be the underwriter IMO, but even they will be diluted out of existence with the continual conversion of debt to equity.
What an absolute disgrace.
I stay on this forum just to watch this train wreck unfold. I’m flabbergasted but I can’t turn away because it just gets worse and worse just when you think it can’t. WTF