Ann: Receipt of Notice under section 249D of the Corporation Act, page-8

What a foolish board.

Consolidation start of the year to ~144M SOI with a healthy $2.6M in the bank.

Decides to undergo RI with director participation, but places huge shortfall (over 90M shares) to 708's.

In addition(!), uses 15% placement capacity to the same sophs (over 17M shares) due to 'overwhelming demand'.

The board has essentially given away 35% of the company with a prior loose register and zero substantial holders.

Furthermore, current directors holding less than 12M shares in total.

A futile move for current board to drag this on and blindly fight - time to step aside and let the new proposed team take over.

Saying that, a new deal will face recompliance meaning a possible 3 - 6 month wait given current state of play.