how low can this stock go?, page-15

Prestige Glory will be underwriting a rights [email protected] would certainly be in their interest to shrink the retail shareholder base.


"A placement of 68 million shares to Prestige Glory Limited will be undertaken at $0.02 to raise $1.4 million.

Prestige Glory was formed to acquire or invest in international resource projects of interest and value to China and is backed by a group of wealthy Chinese investors.

Prestige Glory will also undertake an underwritten non-renounceable rights issue, through a prospectus issue, on the basis of at least one ZYL share for every two ZYL shares held at the record date at a minimum issue price of $0.02 per share.

Prestige Glory will fully underwrite the rights issue or procure that the rights issue is fully underwritten. The issue will raise a minimum of $5.6 million net of costs."