Go Team BRN, page-8

‘What's happening with Intel is interesting...’

But irrelevant to BRN, imo.

What is relevant is that IF there is a shortfall of no more than $1, 750, 000 then ‘a group of institutions and high net-worth’s [sic]’ will underwrite that shortfall for a 6% fee.

BRN have obviously been very busy behind the scenes … scrambling?

Metal X has advised BRN of its ‘intention’ to subscribe for its full entitlement. That’s about $300k on my reckoning. Good if it comes off. But I wonder what Metal X’s ‘intention’ is contingent on. I guess we’ll have to wait for that one.

Peter can’t pitch in because he doesn’t live here and, as far as I am aware, the same with Mankar. But what about Mitro, does he still hold 100m FPOs? If he believes in the company (is this the guy the company is still paying a massive salary too?) then he should pitch in too. That’s about another $600k.

So with Metal X and Mitro (if he still holds) that’s almost $1m.

Let’s assume it’s all go and we have $1.7 from punters and ~$1m from two top shareholders. That’s $2.7m. That leaves $1.3m to be picked up by Fosters and, this is significant, OTHER ‘interested parties’ – it seems Fosters aren’t jumping in with boundless enthusiasm – hence ‘expressions of interest’. And what does ‘through’ mean in this context?

IMO, this is a vague and very thin on the old info announcement. There is ‘positive shareholder support’, no doubt, but just how much support is there? To me this announcement is nothing more than a spruik at extra time to pull in the retailers and that implies the ‘positive support’ may indeed be very thin in numbers.

Repeat: If SNAP is that disruptive, BRN would not be seemingly struggling to raise a measly $4m from seemingly reluctant retailers and institutions.

Repeat: Peter’s a clever guy but if SNAP had any real significant disruptive potential, if it was the Holy Grail of AI, then the US military would be onto it.

All going well, SNAP may one day be a player in the AI space along with all its other competitors.

Good luck holders. I do smell a pump.