Pretty crazy that they just did a 15:1 consolidation, Then such...

Pretty crazy that they just did a 15:1 consolidation,
Then such a crazy dilutionary entitlement at an over 90% discount,
With 10x the post consolidation shares....
To give it nearly the same amount of shares it had before the consolidation,
For even less than the price before consolidation as well.

Nearly seemed like a typo yet appears deliberate.

Anyhow my only thoughts are perhaps they were hoping people were too stupid
to realise the decimal was in the wrong place,
And actually expected to issue those shares at 2.9 cents only to be already trading at over 10x that instantly,
Turning the $3M raise into
$30M extra on the MC....

The whole thing is very strange,
Why do a 15:1 consolidation in the first place,
Just to issue so many shares at such a discount it's nearly back to where it was before the consolidation?

Was the entitlement offer written up before the consolidation,
And someone forgot to change the price?

How did the ASX allow the entitlement Announcement to be made in the first place?

Surely the Issue of 10x the shares the company currently has on offer,
Should have set off some alarm bells?

Who has EVER heard of ANY company issuing 10x it's current number shares,
For ANY reason EVER?

Who has ever heard of a 94.42% discount?
(to the Company’s closing share price of $0.52 on 12 March 2024)

Why didn't the issue of 10x current shares on issue raise questions?
Shares on issue prior to the Entitlement Offer .............................10,328,689
New Shares issued pursuant to the Entitlement Offer ..................103,286,890

Seems like the company knew it was massively dilutionary from statements such as this:
Effect of the Entitlement Offer on the Control of the Company
The maximum number of New Shares which will be issued pursuant to the Entitlement Offer is 103,286,890.
This equates to 999% of all the issued Shares in the Company as at the date of this Prospectus following completion of the Entitlement Offer

Anyhow with 10x current shares on issue issued at 2.9cents,
That's about 90% of shares available,
So will likely be heading toward that level,
As people who got the entitlement sell and keep their free options....

Strangest thing I have seen on the ASX for a very long time,
And really makes you wonder how the ASX let the Ann. through in the first place.

Surely the issue of over 15% shares in a given Co.,
should be looked over,
Very carefully....