Ann: Proposed Rights Issue, page-4

How does this possibly square up with their statement in the Notice of Meeting ( pasted below!)

the last quarter of 2014. This entitlement issue was not broadly supported, and only raised A$545,822 (excluding costs), representing a shortfall of almost 90%.

It was therefore clear to the Board, based on this experience and subsequent canvassing of the market for share placements, that the Company was unlikely to be able to raise the required level of working capital from existing shareholders or the equity capital markets generally.