Ann: Half Year Results Presentation, page-13

Never say never but I consider a CR within 6 months extremely unlikely. You are right that they burnt through $6m in 1H 2021 but that includes significant costs from their US market entry with zero revenue contribution, and the Spookfish acquisition costs ($750k + transaction costs) so it’s unlikely IMO that the current burn rate will continue. Even if it does, with $10m in the bank and $4m in available debt facilities it’s unlikely they would re-raise in 6 months from a position of weakness, they would be more likely to defer it until they have put some runs on the board in the US (which would likely lead to a SP rerate enabling a less dilutive CR at a higher price).

That said, I agree with @ruthlessvlain that management’s disclosure around the impact of COVID has been poor, which is reflected in the SP.