The last Substantial Holding notice given by Regal Funds in May...

The last Substantial Holding notice given by Regal Funds in May had them at 50.9 million shares. Thus the Entitlement Offer allows them to take up another 50.9 million shares.

Regal Funds have given a binding commitment to take up 600 million shares. That means they are stumping up for 549.1 million shares in the Placement.

However, the total number of shares supposedly being issued in the Placement is 130,242,190.

Something does not add up. No doubt shareholders will be worse off. The crashing share price since the announcement was made indicates that the market is aware that this is a disaster zone.