The profit after tax for 2019 was around $9.5m and the equity at...

The profit after tax for 2019 was around $9.5m and the equity at 30th June was around $285m. This calculates the ROE out at 3.3% so not too great. The ROE for 2018 was around 10% and for the two years previous to 2018, the return was around 13%. The profit after tax for 2020 is likely to be around $14m. That's the 2019 figure of $9.5m plus the 48% increase referenced in their recent release. So the return on equity would improve to around 5% for 2020.
The only other thing is that the 2019 "comprehensive profit" was $18m, not $9.5m referenced above after exchange gains were added back in. So I'm not sure if the company forecast of 48% increase in NPAT on 2019 is being measured against the $9.5m or the $18m. If it's the latter value then the return for 2020 will be better than 5%.
None of these numbers are great and don't include the extra equity resulting from the capital raising but I think any decisions we make from here need to be linked to the future runway rather than the past.