Mothballed, page-7

I was not aware that SER has had a placement. Resolution 3 at the AGM allows them an additional 10% on top of the 15% they already have under listing rule 7.3A (thus 25% without consulting SH's). At a SP of .021 this would allow them to raise ~$1.4m. Their current cash is $768k and options not due until 25/12/2016 - Xmas present of $626,400 is not going to help out). All up it looks as if SER could not pay more than $2m even if they did a placement; I doubt if that would be enough for a receiver and others would pay more. In the original IPO VXL was said to be worth about $30m so I guess a receiver would be looking for about $10m - $15m in a fire sale. This would just about pay off the receiver, trade creditors, employees and Chimaera.