Ann: Rig utilisation update, page-21

Not so sure I agree raising was in May when anxiety about pandemic
“
Since relisting on ASX in September last year, the Company (through its wholly owned subsidiary Pentium Hydro Pty Ltd (Pentium)) has been able to establish itself as a fully operational service provider in the borefield construction industry, and as detailed in the Company’s announcements, its recent operating and financial performance has been in line with management’s expectations and forecasts. The Board is mindful however, that the global economic outlook faces uncertainty due to the current COVID-19 pandemic which is impacting domestic and global markets. As such, the Board considers it prudent to take pre-emptive action and raise funds under the Entitlement Offer to strengthen the Company’s balance sheet. Funds raised will give the Company optionality to either execute its organic and acquisitive growth strategies, to pay down debt and/or provide additional cash reserves should the core business see a contraction in work in the short to medium term.
The Board strongly encourages you to participate in the Entitlements Offer ...”

from prospectus