I have not fully read through the document but appears this will be heavily diluting with the convertible notes if they are all converted. Will be running the numbers to see if the dilution factor now negates the majority of potential upside from the initial investment case.
I'll put my hand up and say I didn't think equity capital would be raised due to the low SP but didn't properly factor:
* Raising underwritten by several major shareholders
* A convertible note raising
Ann: Wellard to raise $52 million, page-3
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