It should not be interpreted that the company is proposing the...

It should not be interpreted that the company is proposing the CR at $0.00185; the numbers shown in Explanatory Statement, Sect 5.3 Dilution are nothing more than worked examples, based on assumed prices, to demonstrate the range of dilution effects under different scenarios. The numbers simply present a range of "What if?" cases. The mid-range figure ($0.0037) was based on real numbers - 80% of the VWA price for the 5 days prior to 26 Feb 2019. The low assumed price ($0.00185) is half the calculated price; the high assumed price ($0.0074) is twice the calculated price.

As they state in Sect 5.2 (c), "the issue price is not presently known . . ." but it will be not less than 80% of the VWA price during the 5 trading days prior to issue, so if we get 5 days with the traded price holding steady at $0.005 then the issue price will be $0.004.

Suggesting that the new management has presided over a 70% drop in the share prices is inaccurate and unfair. $0.00185 is nothing more than a hypothetical number to illustrate what the issue price would be if the VWA market price turned out to be $0.0023 for the 5 days preceding issue.

In my opinion, the new team appears to have done an excellent job in finalizing the financial obligations to the outgoing directors and management. Subject to shareholder approval, rather than meet those obligations with cash they have secured agreement in all cases with share/option issues - and at a deemed issue price of $0.007, which is at least 40% above recent market price! I'll take that sort of financial management any day and they'll certainly be getting my approval on the resolutions.