Application form, page-11

Seen the shares to consultants and lead managers? That's on top of the cash pay for a non-underwritten offer. Also the terms on the performance rights are revenue based and not to make a loss (EBITDA) of $1.5mn... what a joke of a target.

Also this does look juicy for sure...

"In the year ended 30 June 2016, ANS Australia recorded sales of infant milk powder to ANS Baby Ltd (“ANS Baby”),a related entity based in Hong Kong, which is no longer trading and does not form part of the Group. Sales to ANSBaby, which are included in the pro forma financial information for the year ended 30 June 2016, amounted to$383,760 and the related cost of sales was A$332,404. The product was intended to be sold by ANS Baby to a thirdparty customer in China, however that customer did not take delivery of all of the infant milk powder. On theliquidation of ANS Baby, AFL purchased the remaining stock of infant milk powder for sale in the Hong Kong market.Ultimately, not all of this infant milk powder was sold prior to its ‘use by’ date, and the remainder was written off in theyear ended 30 June 2018."