You’re spot on—aside from the $4.5M placement and the unsecured loan, it’s about adding 3 directors and 2 management roles. Hebang is a shareholder like everyone else and obviously can’t control deals with conflicts of interest. Happy with that.
Did a quick estimate: Stage 1 seems to be below 20%, and Stage 2 should end up around 30-35%.
Ann: Response to ASX Price Query, page-84
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