Ann: Trading Halt, page-19

Depends on the specifics of the placement and what sort of the mood the market is in (varies considerably these days).

A back of the envelope theoretical ex-placement calculation (with emphasis on the theoretical) using a $1.63 pre-placement share price with 146m existing shares on issue (rounded and excludes performance shares, etc) and assuming a placement of 21.5m new shares at $1.30 per share ($27.95m) and no bonus options, etc being issued with the placement produces a theoretical ex-placement share price share of $1.5875 (rounded).

Not that dilutive really for existing shareholders (again emphasis on the theoretical - the market may react differently of course) but the new investor makes an automatic theoretical paper gain of $0.2875 per share or 22.1% on their investment. Lucky them. Anyway, Recce post-placement will have circa $30m in the bank which it needs.

Unless there is a 'surprise' in the conditions or terms of the placement that differs substantively and adversely from the assumptions made above, then it looks to be a positive result for Recce's shareholders.

Recce of course has to deliver in the clinical setting which will take quite some time and will require a very sizeable investment with associated risks, but a major insto's support when the company is technically still at the pre-clinical stage is quite a coup.