My take on this unusual SSP,
The so called new prospectus as outlined in todays announcement is exactly what was raised in the original SPP.
So l take this as no refund to original shareholders, and no new raising of funds under this new prospectus, as per todays announcement.
So this leads me to think that the paperwork was stuffed up in the original raising, and this second raising is to clean up the paperwork problem.
This problem answer the question why it took so long to table the SPP announcement to the ASX, after the closing of the original SPP.
The original SPP raised exactly what the offer of the new raising is proposing today as set out be management today, tabled below.
I've only had a quick look and may have got this wrong, and open to comments.
So in theory, the raise is already done, just the paperwork was stuffed up.
1.3 Key statistics of the Offer
Full Subscription1
Shares2
Shares currently on issue 188,954,590
Offer Price per Share $0.23
Shares to be issued under the Offer 10,420,710
Gross proceeds of the issue of Shares $2,396,763
Shares on issue Post-Offer 199,375,300
Options
Options currently on issue 3,000,000
Options to be issued under the Offer -
Options on issue Post-Offer 3,000,000
Performance Rights
Performance Rights currently on issue 5,450,000
Performance Rights to be issued under the Offer -
Performance Rights on issue Post-Offer 5,450,000
Notes:
1. Assuming the full subscription of $2,396,763 is achieved under the Offer.
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