The positive news is that they will probably raise another $1.4M.
Pretty vague about how this will really be used.
Negative news is that the placement is at 12c with a free option ie more dilution.
Only Taylor Collison clients or directors get this deal.
No mention of a rights issue at same price to all other shareholders who will be diluted without any chance to participate.
They have also now pushed the value down to 12c.
Without a rights issue this should be rejected.
The board has a lot of explaining to do.
Ann: Queensland Weather Conditions , page-6
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