I agree with Abacus - it reads (without further clarification...

I agree with Abacus - it reads (without further clarification forthcoming), that the existing 86.456m options will still expire on 30 June 2013, but the new offer 1-for-1 options will have same rights as the new bonus options offered to ordinary shareholders, and will expire 31 December 2014.

There is no reference to extending the expiry date of the existing options.

The CR has been expected for a while as several have intimated. What I would like to see covered in the prospectus is some indication that the $3million raised will be sufficient to take the company to commercializing its own product programs - i.e generating cash flow to cover all operating costs/working capital whilst it awaits the prolonged outcomes of any licensing agreements (or other deals) with its global partners.

As for existing ordinary holders, we are being offered 1-for-5 new shares plus a 2-for-5 option bonus for each right we take up. That equates to an average share price of 1.1cent per share.
If you have a few million, you could potentially make a thousand bucks or so, selling after the record date (assuming price doesn't drop further), but for those holders with only a few hundred thousand shares - there seems to be little benefit to be had in trading the offer. In fact, what you've lost due to today's share price drop more than offsets any profit earned in that regard!

Difficult to know whether to support this raising or not. I agree with the sentiment of those frustrated by the opaqueness of OBJ's reporting style. No bone thrown after all these years is not (in my opinion) good stewardship regardless of whatever confidentiality agreements may be in place.