Ann: Replacement Prospectus, page-3

I started reviewing it yesterday and started sighing when I saw the 2.5:1 share consolidation. So from the way I see, it, they first do a share consolidation and reduce our share count. It the closing price was 14.5p then the new price should be 36.25p. We then see a placing at 20p per share which would be at a 45% discount to the assumed share price. The placing is open to everyone. Shareholders are affectively being screwed and we should see a drop of about 45% in the share price once all of this is done and trading resumes. - That's the way I read it but may have it wrong. Been planning to get back to it. Happy to be corrected or get anyone else's view