Ann: Non-Renounceable Entitlement Offer Document, page-270

He can’t take the full allocation.

What I don’t know, is whether his 20k is the max under asx guidelines.

They can’t just keep allocating shares with cap raises. That’s why the rules there. I think this would be our 3rd cap raise in about a 12 month period, so we would be close to capacity without a GM and shareholder approval.

If they called a GM, roughly one months notice. 21 days before details. Another month before spp complete. Seems like a fair hassle and a long time to wait whilst paying bills to get that over the line.

Time better spent looking for a funder - which I think there are more options than they are exploring.