The big sticking point is who puts up cash without the ability to relist (i.e. at leas 2 australian directors)?
Or, who agrees to be a director to be immediately handed a bucket and asked to start bailing?
Catch 22 anyone?
The big money likely needs to come from an Australian who will take up two board seats in return for $$ or a foreigner who can find two Australians they trust enough to take two board seats in return for $$. Still, likely to be outnumbered and not have good control.
If it happens, they will probably issue convertible debt, like Telefox, so they can get a good conversion rate that is not available under a plain vanilla equity issue because of the current price, and so they don't have to fight with shareholders for left overs if it turns to sheet (like where we are is not there already).
And $15m is just not going to be enough, even if everything is on a tight leash, things go wrong. They have demonstrated an incredible ability to burn cash.... it seems like very little has been achieved with the money from the last CR.
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