PYC pyc therapeutics limited

re: Ann: Phylogica Limited Share Placement ra... I can't say I'm...

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    re: Ann: Phylogica Limited Share Placement ra... I can't say I'm very happy about this. The share placement isn't terrible in itself, but the grant of 44 million options at 8c expiring in 2016 makes it rather too generous in my opinion. Assuming the August 2011 options lapse, we're now looking at a fully-diluted issue of nearly 450 million shares.

    Where's the SPP or rights issue for the existing holders?
 
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