Ann: Trading Halt, page-4

This raise was decretive. Forget about the financial engineering, franked dividends, dilution etc and just focus on the NTA per share before and after the raise. The question to ask, as any business would ask when doing a non distress capital raise / acquisition is, is this accretive on a per share basis? It’s not accretive. The NTA before the raise was $2.80 per share and now it’s $2.50 per share. So they locked in a 10%+ permanent reduction in value of the business.

It was done to give the levered beta boys more management fees because they can’t even earn a positive return to earn performance fees. What a joke.