Ann: Troy to Raise up to A$38 million by way of P, page-11

re: Ann: Troy to Raise up to A$38 million by ... SP smashed because the issue price is not sufficiently discounted to the market price plus the shareholding is now diluted plus the reason for the capital raising is 'business as usual' and not nearly enough to excite the market. The company has done well recently with a series of positive announcements but this capital raising has not been done well. At this stage why would anyone take up the offer of more shares? The issue is likely to be undersubscribed so Troy may not get the funds it needs.