End of Sept quarter almost here & they only just scraped through last quarter, with an explanation about how they could survive with zero $$ !! So I guess they had to pull the trigger ASAP or risk having issues with ASX about being a going concern.
Unfortunate they could not have done it AFTER some news about a binding contract/agreement at a much higher price. Sugar coat it as much as you like but the SOI is crazy already at almost 2.5 billion shares & this dilution will just make it so much harder to push the SP higher.
I wonder what the split will be, management & plebs - best case would be if Cruscoe comes on board as a shareholder & spreads the Kalina power gen option around their assets - unlikely but who would know.
Fingers crossed it is not just another 'normal' diluting CR with no sign of a binding agreement & back down the toilet we go.
(20min delay)