Ann: Notice of Extraordinary General Meeting/Proxy Form, page-34

Is Nova required to list a certain amount of stock for the IPO? Is it really necessary to raise $26M at this point in time. If the US listing is going to be as beneficial to the company as we've been told, wouldn't it make sense to raise say $10M through the IPO and then raise further as the market cap improves off the back of the listing?
I'm just trying to get my head around the amount of dilution being put on the table. I also can't see how this isn't just going to get manipulated down to rock bottom to allow IPO participants to enter dirt cheap.
Raising cash is necessary but this is not looking good. We will see...