"Existing retail shareholders subscribed for approximately 11.4 million shares at anissue price of $0.07 per share, raising approximately $0.8 million in total.There was a shortfall of approximately 53.7 million shares (Shortfall Shares) between the numberof shares subscribed for by eligible retail shareholders".
It would appear that most retail shareholders have learnt their lesson and are no longer throwing away good money after bad.
In addition, the $0.8 million raised won't even cover the fixed annual remuneration of the CEO and if you include their annual bonuses the shortfall is over $2 million. This also raises the question what other company in Australia has lost over 90% of market value in the last three years and continues to compensate the CEO with an annual package worth +$2.8 million?
OVT Price at posting:
6.7¢ Sentiment: None Disclosure: Not Held
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