Ann: Investor update November 2021, page-3

I am not concerned by capital raising. Top S/H own 64%. Existing shareholders may not even be offered any.
They have achieved this level over last few years by taking up shares.
Top Investorsfrom just released market update)
Mr Whitney George (US) 40.0%
Prof John McBain (Aust) 17.9%
Mr Ron Dewhurst (Aust) 5.8%
Citicorp Nominees 2.2%
HSBC Custody Nominees 2.1%

More likely scenario I see is they will make an over to take over remaining shares they do not hold. Makes sense as they are now cheap given the technology the company holds and not recognised in share price.