Ann: Notice of Annual General Meeting/Proxy Form, page-16

I think you do need some help Baron

i suspect you mean there will be 465 million shares on issue (not 4.65 billion … and not mkt cap of 490 million?)

the market capitalisation will only change based on price …
I expect some initial softest that will be acquired by institutional investors now wanting to get set

companies can issue as many shares as they like, with shareholder approval

ASX allows 10% annually without shareholder approval, but most companies secure shareholder approval to issue an additional 15% (total 25%) if the need or opportunity arises.

my suspicion is that PYC will do a licence deal on an eye drug in preference to another capital raising at these levels

they do need an external validation of the value of their science

if however they were to do a capital raising, it will surely be with USA investors as prelude to a USA listing … and raising should be at much higher prices that today

there feels to be far too much important news coming down the pipe over the next 3 months to be diluting the share register ias this current valuation imho