Hi all, To get an idea of the dilution that a capital raising...

Hi all,

To get an idea of the dilution that a capital raising would cause to the current NTA, I've decided to model out it out with the following assumptions:

1) The SPP raises the maximum amount of proceeds ($10,000,000).
2) The SPP takes place at the maximum discount to VWAP (%20) - I've used today's closing price as the VWAP for simplicity.
3) Transaction costs of the equity raising is 12% (I'm not sure what the average rate is, so I've made this up - happy to take more accurate suggestions).

The outcome is that we see a slight drop in pre-tax NTA (approx 0.45 to 0.40) - please see below.



Cheers,

CappMan