Ann: Suspension from Official Quotation, page-27

I can't help but wonder how much of an own goal this may become?

Happy to be corrected on any points.

There were solid offers to purchase up to 50% of phase 1.

Now we don't know the details of those offers, but rather than selling JUST 50% of stage 1 (as I understand it), the company will have guaranteed dilution for 100% of everything - phases 1, 2 and 3 - from this CR.

How much does the company need? Only management know this for sure, but if dilution is more than 20%, and less than what we were offered, then I think this is the cockup of the century.

A partial sale would have put a floor under the SP, supported existing holders who have suffered pretty significant declines (assuming they have held), but it also would have solved the debt issue, and provided funds to commence future phases of development.

Yes, prices are depressed at the moment, but the expansion will take time to roll out, and we could have completed the majority of works in time for the "impending flood of demand" that is due 2022.

Phase 2 and 3 is where we will shine - or so we have been told, why not focus on that?

Clearly things are tough, so who knows what price or how much dilution will happen, but it seems like pride has taken over and management may have missed a trick with this one.

Not only that, but there will be A LOT more shares on the market, and who knows how those additional shares will be used.

I'm disappointed.