Interesting follow-up to yesterday’s EGM notice.Today’s...

Interesting follow-up to yesterday’s EGM notice.

Today’s shareholder letter reinforces the reasons behind the 34:1 consolidation. It talks about streamlining the register, reducing volatility, and attracting institutional investors. All pretty standard stuff.

What stands out more is the push for flexibility to issue up to 1.2 billion new shares (pre-consolidation) without needing another EGM. That’s a big number. It feels like they are getting the runway ready for a raise, and they don’t want to be held up calling another vote.

They’ve also talked up Azer-Cel again, saying it's entering a pivotal and exciting phase. If that’s true and some solid data lands soon, this could be the setup for a genuine re-rate. Consolidate, raise, deliver something big, and maybe start talking NASDAQ again.

But being realistic, this could also be smart packaging for more dilution. We have all seen this dance before. Could be a turning point. Could be just another shuffle.

So the question is: are they laying the groundwork for real momentum or just buying more time?

Either way, buckle up. Lesley’s got the optimism covered, PH’s got the exit plan sorted, and retail? Well, we got front row seats to the masterclass in creative capital erosion!!!