Ann: Unsecured Convertible Note Issue of A$3m, page-4

"... The Company has issued a Convertible Note of A$2.5m to existing sophisticated shareholders and a further A$500,000 will be issued subject to shareholder approval, making a total issue of A$3m. The issue of these Convertible Notes enables the Company to fully explore all capital management and other potential opportunities, without time pressures.

A$500,000 of the Convertible Note issue will require shareholder approval as the note will be taken by 4F Investments Pty Limited, an entity associated with Fred Bart. The other A$2.5m has been taken up by five other existing sophisticated investors and the funds already received. ..."

Well that certainly inspires confidence - especially the options looking at $10.84. Who would knowingly buy an option to pay that for a lemon? Someone who expected $9.04 to look like a great buy price in 2024, and $10.84 an even better price in 2026, that's who.

It is great to see FB doing so much to keep the business ahead of the wolf. He clearly has plenty of confidence in the progress he can see to date to do so. However I sense a slight downside to all this. As at Feb 23 the top 20 shareholders already accounted for 63% of shares. 3 holders account for 32%. At this rate it will be interesting to see how long it will be before these same five or so unnamed sophisticated investors own >50% of shares.