Glad they decided to increase (increases cash at hand, but...

Glad they decided to increase (increases cash at hand, but reduces EPS slightly)

BUT there's a strange comment/justification for it being equitable with retail SPP vs the Institutional Placement:

The Announcement today says

"The institutional placement issued in December 2020 (on equivalent terms to the SPP Offer), ... was also significantly oversubscribed and was similarly increased"
BUT
The PLACEMENT was proposed to be $50m @ $1.50 (proposed issue notice, on 16th Decemeber), and that's what they issued. (Cleansing notice 22 December says that's what was issued ...On 21 December 2021, the Issuer has issued 33,333,334 fully paid ordinary shares (Shares) at an issue price of $1.50 per Share to sophisticated and professional investors under the Placement.)

SO, EITHER today's announcement is wrong and the Institutional placement was NOT upsized, OR the Institutional placement WAS "similarly increased" (ie doubled), meaning there's another $50m shares issued and not yet announced from that upsized Institutional Placement ... ???

(The calculation of net leverage they quote suggests that it's a mistake in the release, rather than having an extra $50m washing around in placement they haven't yet announced ...)