Announcement this morning that the existing shareholders have...

Announcement this morning that the existing shareholders have again had their holdings dilluted. The first tranche is $1m of convertible notes at 2.5c means possibly 40,000,000 more shares! Interestingly, no mention of the interest rate being paid to Maylord Equity Management P/L on these notes, surely the ASIC would require that information published? In addition, Maylord can, at its option, take an additional $1m worth of stock at a discount of 20% of the VWAP on the 5 days prior to exercise on or before 30 August 07.
This must nulify the proposed capital raising at 5.3c and it effectivly puts a cap on the share price - nice one Ankara. Unfortunately I see an analogy of vultures picking at a carcass.