Most likely explanation IMHO for the large buyer yesterday would be controlled support from someone like MPS ahead of a likely capital raising early next month. Can't believe anyone with an ounce of common sense would have got interested after that presentation yesterday that was full of airy, fairy figures - a further loss of credibility for me.
Yes only $1.1mil left in the kitty at 30Sept, so they have no choice now but to do a capital raising to shore-up the Balance Sheet at 31Dec. They will have to wait until those resolutions are passed at the 7Nov Meeting before announcing the placement and/or rights issue(maybe 1 for 5) - I would expect they will push the share price to 15c (not too difficult) during the next two weeks and then do the capital raising at 12.5c - an important level as it means the convertible note terms don't have to be altered.
If they're just going to do a re-hash of that presentation on 7Nov then the meeting is probably not worth attending.
PSA Price at posting:
12.5¢ Sentiment: None Disclosure: Held
