When I say a "much tighter" capital structure, I am referring to...

When I say a "much tighter" capital structure, I am referring to the number of options on issue relative to the number of shares. A tighter structure provides greater certainty to shareholders in relation to dividends, rights issues etc.

The management performance rights were also part of the previously outlined capital structure. These were contained in a previous announcement and are also in small print on the capital structure page of the Investor Presentation. The milestones required to trigger these rights have however become more difficult to reach.

The Investor Presentation was prepared based on $6.8m of capital being raised whereas the prospectus was prepared based on $8m. You therefore can't use the number of shares listed in the Investor Presentation in your calculation as it will imply a higher CR price and distort the outcome. This is however beside the point as my argument was that the cancellation of all options (bonus, advisers, vendors) leaves shareholders in a better position than if the options had been retained.