class action close to filing, page-37

Hi NB,

I realize that you will not be posting again till June 18th but if that is the answer from ASIC then I wonder if they truly understand it.

There are 3 things to be interpeted properly

A. Rounding
B. Rounding down
C. Down Round Finance


Doesn't much matter to what significant decimal point "rounding" is quite different to "rounding down" as I clearly explained in the exchange with Shelby. Again use the function in Excel to confirm.

Your response says "rounding to 3 decimal places" and not the offensive "rounding down to 3 decimal places".

And to the comment regarding "Venture Capital". Having worked in tech companies during the 90s, venture capital financing was common. There is "down round" venture capital financing where the new investors place a lesser value on the company prior to their investment than was placed by prior investors in previous financing rounds. This new investors pay a lower price per share and receiving certain rights and preferences that are superior to the rights of the previous rounds investors.

That's all well and good but venture capital is before the company IPOs itself. Once going public, new shares are all equal unless there are Preference Shares or Different Classes of shares.

Shame on ASIC if they think its common practice for publicly traded companies to finance in that fashion. It is for me the first time I have seen a VWAP that has been subject to "round down" resulting in a 50% discount to the VWAP average price.

Also I would say "Key aspects" of the Lind financing were announced - and no doubt there could be argument over whether the "round down" is "key" or not - but I would say absolutely it appears to be "key" and clearly many have seen it used for the first time.

Still have it in the custard.