Ann: Offer Document - Non-Renounceable Rights Issue, page-14

it certainly doesn’t make sense - buy back the shares at 5c and then capital raise at 4.5 Still not the first to do that kind of thing.

What I think is that the original holders had a deal with the new guys that once the Melbourne people business was sold off the money would be returned to them via a buyback. It was very telling that one of the conditions in the issue of shares to the new guys was that they wouldn’t be able to participate in a buyback until the end of the year. So it was planned by the original management from the beginning.

now that they are gone they need to raise money.

Interesting to see people buying on Friday - someone thinks there is potential……