JH failed to take up his full $500k share allotment as his part...

JH failed to take up his full $500k share allotment as his part in the $2m CR, as at the end of June when it was supposed to have been all done.

This sets a precedent for the remaining $600k coming from those other 'professional and sophisticated investors' contributing the other part to the 2nd stage CR. If JH hasn't provided all of his part, why should they given they are being asked to buy YPB shares at a hefty premium? Whilst they have until the end of August to complete this, without it, or any portion of it means they go into the December quarter without sufficient funds to cover this quarter's cash needs, unless there is another CR.

The May 31 AGM passed a resolution to raise another $4m through progressive share issues, and it was also all supposed to happen before the end of August. In this CR, the share price is calculated as 80% of the volume weighted average share price of the last 5 days when shares have been sold. Clearly, this suggests that the share price is going to be under 0.3c, making nonsense of the 0.444c price others are being asked to pay for their allotment on the earlier $2m CR. So, there are 2 CRs, running in parallel, and one of them will as much as 50% more expensive. There might be a few 'unhappy Jan's" around.

It is plausible to assume that part of the proceeds from this $4m CR will be used to retire the convertible note issue. Settling this note issue by cash payment avoids YPB having to issue 500m + shares and JH gets his $1m loan back in hard cash and not shares-obviously, that would be his preference.

Even so the dilution effect from these successive share issues is massive. Just look at the numbers-starting at 416m shares, add the 450m from the $2m CR, and the 1,333m shares from the $4m CR which on my calculations means an 81% share dilution on the shares issued before these last 2 CRs. It all gets down to whether the $4m CR is successful. If not it's good night for YPB.