Insitor, BOD, Financing Disaster and Questions

"RNI is being advised by Perth-based boutique advisory firm Insitor in its discussions with the Fund"

Did they (assuming Rob Liuzzi was the point person based on searches as there is limited info on just who they are and where they exist) seriously advise the Board to run with that proposed deal structure and make it public off the back of a trading halt?

Absolute dogs breakfast and commercially bizarre. As Shady and has others have referenced previously, they couldn't even get the first minor part of the deal up being the CR let alone the DD and secured funding.

So who was the fund? What were the proposed convertible bond terms? Why the 30 days exclusivity period? And why the brain explosion of an idea around handing over 50m odd shares at the front end without any guarantee of what might happen at the back end other than the immediate creation of a new largest shareholder who may have a very different agenda to the rest of us?

And why were we not told a week or so out from the 7th when it would have been clear to Insitor and BOD that nothing was going to eventuate on that front? They didn't even communicate with us on the 7th when we had a lazy $20 odd million due for payment that day. So begs the question when did Insitor and BOD became aware that the proposal was in serious danger of floundering and was there a duty for them to communicate that implosion to SHs earlier than they did?

And why was the initial announcement deemed "Market Sensitive" when it was so incomplete and conditional and the critical one about how it had all gone pear shaped was simply slipped out without any fanfare attempted other than the pathetic opening line of "RNI NL is pleased to announce"

We went from the trading halt on the 19th March that we had all been expecting and hoping for after many false starts to a $60m plus finance package announcement of sorts that wasn't to an SP that now struggles to hold 4c.

SHs have been treated very poorly by the BOD and its advisers and no one should be happy about how this has unfolded.