Unsubstantiated information. I heard no SPP. All is taken up by...

Unsubstantiated information. I heard no SPP. All is taken up by Insto. At premium (cir. 50c). There would be a suspension for several months for the cap raise and the acquisition to come through (inc. initial integration). Once re-listed (cir. 1Q21), existing shares will be freely traded while the cap raise shares will be subject to escrow (cir. 6-12 months).

During the suspension, if business development could achieve important milestones (particularly securing the 1st one or two 7-figure contracts), then it would be very timely.

If you recall, there are three legs of growth - business development (SRJ's current technology), M&A, and hydrogen related technology research. If the above comes true, then I can envisage the first two legs will deliver share price growth in 2022. The hydrogen leg might start contributing to share price growth in 2023.

Back to the point regarding participants in the cap raise. I heard it would be A$100m+. Given time criticality and size of the raise, I understand why Insto's only. But retail holders shouldn't feel missed out given (i) it is at premium and (ii) if the merger is successful, we would be rewarded.

Last but not least, even with this acquisition, my investment thesis remains unchanged - this would be a medium / long-term play. People with < 12 month horizon (at this juncture) might need to manage return expectation. But people with 2-3 year horizon might be rewarded quite nicely.