Ann: Entitlement Offer Shortfall Notice, page-38

I'll raise two points.

1) they should have known the risk of being a party holder in a private company and the risks that come with it (MB) i.e. potential for a control to be given elsewhere and so should have priced the price of purchase correctly (risk adjusted), it appears this hasn't been done.

2) why on earth would you pay virtually all cash in the purchase of the remaining part of MB when clearly it hasn't gone well. Again risk-adjusted this is just loco not asking Maggie Beer to at least align with shareholders to a decent extent. (given the recent performance she should have absolutely been asked to)

When you're asking investors to trust you with capital to grow a business and things go south, they really need to rally and engage and explain. Losing that trust is an arrow in the heart of a growing business that is reliant on capital for at least the next few years. They can't get paid when the market likes them and market value of equity rises but blame the market when it goes down saying the market is not understanding them. It goes both way so take your medicine fellas.