My initial thoughts are that it's bad for existing shareholders....

My initial thoughts are that it's bad for existing shareholders. 49% of the company for US$40m, pretty poor effort in my view.

Having said that I have not spent much time reviewing the specifics as I've had some PC problems over the last couple of days.

Presently I am awaiting further info from the company before spending more time reviewing the info, at this stage I am tempted to vote against the proposals at the yet to be determined EGM.