Ann: Fully Underwritten Entitlement Offer to Raise A$3.6m, page-16

1 for 1 entitlements issue, at least all current holders get the opportunity to prevent dilution...otherwise underwriters will take the rest.

The discount is HUGE, but unsurprising given the headwinds, risks and issues plaguing the strategic direction of this company since the beginning.

Underlying story is great. Just can't move past the fact that their raw material suppliers of recycled plastic are the ones enjoying most of the margin with minimal risk.

All of RAN's investment in tooling, plant & equipment etc has not been met with the sufficient scale up they required.

Shame because the circular economy concept is a good one, just not a big enough potential prize.

Wolf