If the AFR article is correct, that’s an additional 1.12 billion...

If the AFR article is correct, that’s an additional 1.12 billion shares. Combined with the previous shares 860 million the total is now 1.98 billion shares. Even If you add $28m to current market cap, this gives a new share price of 4.1 cents. It definitely bends the arm of existing shareholders to participate in the rights issue.

This must be the absolute last roll of the dice. Having been privy to the inside workings of this company, the saying a fish rots from the head down has never been more apt.