Ann: Red 5 equity raising presentation, page-4

Other than a brief reference to Siana, and that the working capital facility of $15m was fully drawn, there was absolutely no new information in today's "presentation".

If I was being asked to cough up $80m in a placement, I think I'd like to know what post 1/7/24 forecasts look like now and if they've changed much from earlier presentations when these were provided.

This capital raise gives all the indications of being a bit desperate - an attempt to fix cashflow issues arising from what's been an expensive ramp up to getting KOTH operating. The response to this capital raising, and subsequent trading in the shares in the near term, will be interesting.

But the cynic in me wonders if this exercise is also a final opportunity given to sophisticated shareholders to get themselves shares in RED at a bargain price - in both the capital raising and in the near term trading market. If, and I admit it's an if, KOTH performs anywhere near what it has been earlier forecast to do, and if the plant throughput is ramped up to higher levels than originally forecast, the shareprice for RED may likely appreciate quite a bit in the second half of this year.

Not much joy for traders in this assessment of mine I admit, but longer-term holders mightn't regret their investment as much as they probably do now.