Just to re-iterate.
At end of Q1 FY21 cash was $1.5m +$2m in term deposit. Probably earnings 0.001% in the term deposit, horrible cash management.
Raising ~$3m now, after raising $4.1m a quarter or so earlier.
25% dilution to shareholders right now that aren't allowed to participate.
Read the prospectus now.
Suda paying Baker Young 2% management fee for the raise = $54k
Suda paying Baker Young 4% "placement fee" for the raise = $108k
$162k in fees for a cash raise that isn't required at the moment, because you have locked up your cash in a term deposit.
Other expenses of the offer are estimated at $250k (refer pg 29, prospectus).
Baker Young awarded 2.2m options with 2 year expiry.
Suda is calling an Extraordinary General Meeting to approve the the directors participation in the placement. I will be voting against - there is too little justification after raising $4m so recently and locking up the cash in a bloody term deposit.
Pathetic.
Just to re-iterate.At end of Q1 FY21 cash was $1.5m +$2m in term...
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