I am concerned too, but lets get the facts straight
The capital raising (from exercising the options) is for a bit over $11m (the "Underwritten Amount") not $1m
Henslows fees are 6% of the "Underwritten Amount" (see my post above - earlier today)
From the ASX announcement
"Henslow will receive a selling and management fee of 2% of the Underwritten
Amount, an underwriting fee of 4% of the Underwritten Amount and a total of 5,000,000 unlisted
options with an exercise price of $0.05 and an expiry date of 1 June 2022 which the Company intends
to issue Henslow (or its nominee) pursuant to its placement capacity under ASX Listing Rule 7.1."
So they get it on the whole $11m, not on what they actually underwrite ie over $660k in u/writing fees - & that's not fair
Its also why the lower the SP, the more options they will get to underwrite because existing holders may choose not to blow any more funds. The higher the SP the more likely existing option holders may spend the money to exercise which = less shares for the clients of Henslow
Then they get 10m options exercisable at 10c for "broking services" (lets hope those broking services are focused squarely on increasing the SP by advising their clients not to dump the placement stock at the slightest rise in the SP)
& the reason is, from the next ASX announement
"Pursuant to a Corporate Advisory Agreement with Henslow Pty Ltd for corporate broking services for a period of 12
months"
All I can say is we are all in the wrong business
(20min delay)