What a disgrace.Not allowing existing shareholders to apply for...

What a disgrace.

Not allowing existing shareholders to apply for more than their entitlement. Make sure your underwriting buddies get an underwriting fee and also the opportunity to mop up discounted shares from whichever existing shareholders don't have the readily available cash to take up their entitlement. The fact that they will also post entitlement forms - in an environment where AusPost has confirmed that mail delivery time-frames are longer due to its backlog of package deliveries in the Covid-19 environment - and give existing shareholders a very limited chance to get their application in before the closing date is also noted.

They are easily the worst conditions offered to existing shareholders of any entitlement offer I have seen before.

It also makes the Chairman's statement in the cover letter - "As a Board, we appreciate the support of our existing Shareholders and we have been mindful ofproviding existing Shareholders this opportunity to maintain or increase their investment in theCompany." - an intentionally and extremely misleading statement. There is no opportunity to either maintain or increase their investment in relative terms, only absolute terms.

Shareholders have the opportunity to "maintain their investment" in absolute terms every day, by simply not buying shares. Unfortunately in relative terms you are being diluted by the Placement and entitlement offer.

If you do manage to (a) receive your application form, (b) have some spare cash in the Covid-19 environment and (c) manage to get your application and money in in the 5 nanoseconds you'll have before the offer closes, you will still have no opportunity to increase your investment in relative terms as your 1 for 11 entitlement won't make up for the dilution through the Placement and "shortfall shares" handed to the Board's money-shark underwriting cronies.

The whole episode highlights how crap the business and Board is. The under-achievement over the past 7 years of failure to achieve CE Mark and the subsequent achievement of CE Mark with such a limited evidence base has meant that the Board has been forced to turn to underwriters offering the most draconian terms.

Shareholders should give this capital raise the middle finger. Let the underwriter sell its $5m of 9c shares, and if for some reason you still believe in the company, actually "maintain or increase" your investment at sub 7c.

Was a holder, dumped now.