placement completed 8% premium, page-26

First CR @12c failed - Blumont were stuffed up financially to follow it through, however still hold 11.5% of the company (DML), no shareholder sell notices since their purchases that I can recall.

Then @5c failed as well so - as we have found out Montsant were only formed in Sept 2013 and are a bunch of time wasting tyre kickers.

What you also forgot to mention that there was the takeover offers at $1.70, then another one at 40c from memory, plus.... the reduction in debt by $59 million by the lenders being proposed equates to a 10.5c benefit.

Plus this placement has been done with an existing Top 20 or so shareholder, now becoming the largest shareholder.