The placement was just a very small one to cover the acquisition...

The placement was just a very small one to cover the acquisition cost of a company that has a NOC licence, so they can commence selling immediately without a delay waiting for a licence. They have said they will be doing a (much larger) entitlement issue for existing shareholders, presumably at this $0.004 price. To be meaningful they need to raise enough to satisfy potential clients they are financially viable which implies about a 1:2 or even a 1:1 entitlement issue. It really matters little to shareholders as it’s non dilutive by being offered on an entitlement basis. unless you have no cash. It's ethically refreshing they are not going the wholesale placement route and diluting holders to buggery.

Its become an option play really. Either the new MD is successful, in which case the mkt cap leverage is massive, or it’s more of the past, but from a very low base.

A no brainer for me to participate, but I can understand the reticence of burnt holders from the distant past. The biggest risk for me I feel was in the past quarter - would they go into liquidation immediately after I bought shitloads as the share price plummeted? They didn’t. They scrounged enough sales cashflow to get to this stage. Now they are raising equity, the new MD is shifting focus to his happy hunting ground of Abu Dhabi, chasing his existing (past business) clients in a related field of activity. I’d say there is every chance they will hit the sales ground running over the next 12 months. If so, this could be one of my best ever gainers over 5 years.

Time will tell.