This is what I got from Chatgpt:"BluGlass Limited's recent share...

This is what I got from Chatgpt:

"BluGlass Limited's recent share purchase plan (SPP) was underwritten by a group of sophisticated and professional investors, referred to as "Commitment Investors" These investors have committed to subscribe for SPP shares in a Shortfall Offer, ensuring that at least $3 million is raised under the SPP and Shortfall Offer combined

In return for their commitment, these investors will receive a cash fee totaling $90,000 and be issued a total of 19,500,000 new options .bluglass.com

The SPP offer was extended to eligible shareholders in Australia and New Zealand, allowing them to purchase new shares at the lower of $0.013 per share or a 2.5% discount to the five-day volume-weighted average price (VWAP) leading up to the closing date .bluglass.com+4australianmanufacturing.com.au+4bluglass.com+4

The funds raised are intended to support BluGlass's strategic initiatives, including scaling product delivery, acquiring additional fabrication equipment, and providing working capital".

It would appear to me that this group of "Commitment Investors" is attempting to corner the company by selling their shares to bring the VWAP down, picking up the shortfall and then taking up their full options (and the piggyback options). To me existing SH now need to hold their nose and commit to the SPP (and minimise the shortfall) so as to retain a reasonable holding in the company. . My big concern is the the board falls for something similar to the undermining that ocurred with Lanstead Capital in 2019 (under Giles Osborne). The transaction was by the BLG largest shareholder (SPT) and Lanstead the result was that the SP came down from about 29c (16/3/2018) to 2c (3/5/2020).

Google has the following to say about the Lanstead/SPT transaction thus "gutting" the company's share price from which we have not recovered

"Lanstead Capital L.P. (Lanstead) had initially agreed to acquire a significant stake (13.7%) in BluGlass Limited from SPP Technologies Co., Ltd. (SPPT) on January 14, 2019.

Transaction Terminated:

This acquisition arrangement was later terminated, with the parties agreeing to dissolve their commitment.

Further Interactions:

While the initial acquisition fell through, there may have been other business interactions or discussions between the two companies, as indicated by various BluGlass announcements"

After this debacle Giles Osborne left and the company had to change its whole business stance from licencing RPCVD (Lumiled was to hope - but they also undermined us by filng their own patent to high intensity stacked LED's- thankfully they only got it for MBE - not RPCVD and then adopted our current Laser product strategy - we have come a long way from then - I would hate to see loyal shareholder undermined again.