Ann: Replacement Prospectus for Renounceable Rights Issue, page-2

"As this Entitlement Offer comes shortly after the completion of a share consolidation, we wish to provide
clarity into the Company’s objectives. Despite the recent share consolidation exercise for reasons which
were valid at that time, since then there has been further review of the Company’s position and ability
to raise additional funds, and in light of this the Board considers the raising is nonetheless required and
urgent. The need for further funding arises because despite the improving commercialisation efforts, the
development activities have caused the Company to incur losses and continue in a negative cash flow
position"

"In order to maximise Shareholder value and ensure Shareholders inclusivity, we have decided to follow
up with this Entitlement Offer. The Entitlement Offer is intended to facilitate Shareholders the opportunity
to remain invested at favourable terms."

IMO No - what you have done is destroyed all invested value from the combination of a consolidation, and effectively a re inflation of that scrip, like a sponge rinsed, and soaked again to near the same level. Except that the rinsing removed essentially near all the old equity, and now you want shareholders to fully re-invest again to refloat this ? (15-1 consolidation, 12-1 inflation FD) (assumes full take up of rights)

WHY ? WHY would shareholders do that ? when you can potentially do it all over again.
That is essentially what you have done is violate the trust that you would look to protect our equity invested.
Not rinse it down the drain.

So what is deranged in the companies thinking that equates "favorable terms" = destruction of near all previous invested equity. If the rights issue had even been a say 1-1 at 45c, they could probable have raised even more money, and retained 50% of the old equity invested.

When you decided to destroy the old equity invested, you destroyed the trust of stewardship of our equity.
Massive dilution, undermines the sp, not support it.

All IMO, Not investment advice.