MEM recently raised $3m from its largest shareholder and a...

MEM recently raised $3m from its largest shareholder and a director via a placement of convertible notes. Convertible notes rank ahead of ordinary shares in the event of administration. CN’s are usually offered to ‘friends’ of a company at the expense of ordinary shareholders. Imv thee was’t an appetite for the issue of ordinary shares because of the risks that MEM continue to carry into this extended period of validation.

I’m not suggesting anything untoward is happening. I’m suggesting that those with all the information aren’t providing more funding without ranking it ahead of ordinary shareholders.