Ann: Letter to Shareholders & Notice of Annual General Meeting, page-287

At the current MC, a 25% placement would be raising $40 million, give or take.

That's some serious quatlooms. As in, BRN hiring a massive sales and engineering workforce and churning out chips at TSMC sort of war chest.

What the hell would a company supposedly at the end of a program of development and with ambitions of selling the company or at least a license with WD need with $40 million?

I can think of a couple of reasons-

1. The company needs to pivot and do more development, perhaps of a specific product.

2. They need a financial moat and white knight investor to take a blocking stake in the business.

3. We can't integrate the array with IMEC's platform and we need to design our own.

Fortunately for us, they can't just sell a 20% stake in the business without giving us some serious information. They have been suspended from trading too long. The rules about listing are pretty clear on this.

As to hiding behind NDAs - this is a standard matter for contracts - you can't contract your way out of statutory obligations (as in public company reporting requirements) just like you can't enforce a contract that requires the other party to do something illegal.

So I'm going to wait before I vote because they have to inform us in order to even resume trading, let alone hock of the business to a sophisticated investor(s). If we are still suspended from trading at the time of the AGM and no information has been forthcoming, I'll vote no to everything. It won't count for a hill of beans but I'm not going to tolerate a board shirking it's statutory obligations.