From the ASX announcement "The Board of Calzada Limited...

From the ASX announcement "The Board of Calzada Limited (Calzada) is pleased to announce it has acquired a 12.07% interest in the ASX Listed Avexa Limited."

This was effective yesterday. Today buying of Avexa shares continued; it's likely that Calzada continues to accumulate.

It seems fairly cear that CZD will make a scrip offer for the rest of Avexa's shares at some time in the near future.

While this will mean a dilution for existing CZD shareholders, the cash that comes with the deal will almost certainly be sufficient to maintain the current per share cash ratio or better. And if it means additional cash to assist in the commercialization of Calzada projects, all to the good.