We believe the water and wastewater treatment market has reached...

We believe the water and wastewater treatment market has reached an inflection point of
accepting our decentralized solutions and that now is the right time to capitalize on this momentum by fortifying the balance sheet and accelerating execution of the strategic vision. - Henry.

It has taken 4 placements to reach this point:
(1) 64cts placement issued 49.4m shares to raise gross A$31.6m in 2016.
(2) 37c placement issued 43.68m shares to raise A$33.1m in Oct 2018.
(3) 44cts placement issued 81.8m shares to raise gross A$36m in Nov 2019.

Plus Ron added $20m and Capital Group another $10m at 85c during the merger. Total 174.88m shares issued (does not include shares to Ron and Capital) to raise A$130.7m. Not to mention what Ron paid up to start RWL Water those years earlier.

All this capital to bet that decentralisation waste water solutions will become mainstream. No wonder some instos as in Merrill Lynch left. Thankfully, 12 new Aussie instos came on board at the last placement. Are they stayers? Time will tell. If EBITDA sustainability is going to occur from 4Q as promised, these new insto may actually have the shortest wait amongst us long sufferers to see profitability in the SP.

Thanks to @Relax1 and the hard work of many here, with contribution from our fellow Chinese readers in @nequalsone, @willchang409, @jamesc666, @chord , I think the decentralisation theme is truly embraced in China. (Thanks to China's affinity to adopt new technology, China's needs to clean the environment, discipline to implement the 13FYP etc).

Note to self, remember this is a billionaire's game. Have the financial, mental stamina to go the full nine yards.