Ann: Letter to Shareholders , page-35

Blokes, how many consolidations do you know that have gone up?

Don't know why you think they would raise at 6c. They will apply a discount. Most recent trading activity of bid/ask 0.2/0.3 suggests the market is valuing ISN between thos two figures and the only reason we don't see 0.2 getting hit hard is because of the percentage swing it would take. A consolidation will allow the market to meet mid-point, maybe 0.25c. That would be an instant drop to 5c.

Then apply your 20% discount for sophs and instos, don't even let existing holders participate to avoid the dilution. Sp falls furth to meet the discount but usually after sophs have left the building.

Or go with Bergen and get even worse deal but on a monthly basis.

Then to top it off, what Makattack said will happen. You mention post funding $10mil market cap, but what happens when that cash is gone on wages? Market cap will drop. Shares on issue wont drop. So sp will.

I'd agree with Maka that we will find ourselves back at $7mil MC within 6months. That means the sp will drop by the % of new shares issued.

At least their priorities are right. Consolidate, lock in the directors, ratify previous share issues so they can raise a quick 15% without our vote. More if the do Bergen like deal using con notes.