Ann: Trading Halt, page-17

On my calcs, each option is worth around 6c assuming a 60 vol and 3.5% RFR.

So while the headline placement price is 30cps, recipients are getting in closer to 27cps given 1 option for every 2 shares allocated…that’s closer to a 27% discount IMO. Ouch.

Amount being raised seems higher than the picture painted by management, probably because US capital has been smelling stress as CDX has cash backing for barely a quarter and limited alternatives if markets wobble.

But getting this away is a net positive I think for getting the US listing/raising done (whatever form that might take).

Will be interesting to see structure, dilution and liquidity impact arising from upcoming US announcement. Might be a short term bump to share price after today but buyers strike will continue until this US shoe drops IMHO.

As to governance, lack of an SPP is a snub to long standing shareholders.

GLTAH DYOR