Price on open Monday, page-21

The company needs to raise money ASAP to survive. If the company can't get the money it will go out of business. This is what the annual report (p.25) is saying. What the share price was before the announcement is irrelevant. The directors say they 'believe' they can get the funds but the real question is do you believe they can get the funds.

'During the year ended 30 June 2019, the Group incurred an operating loss before tax of $9,529,533 and a working capital deficiency of $40,452,991 as at that date, as disclosed in the statement of profit or loss and statement of financial position. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due is dependent upon the Group being successful with respect to the following factors: a) The Group is in discussions with various parties relating to a combination of debt and equity funding. Once finalized, these funds will be utilised to complete the construction and to fund operations of facilities in Amsterdam, Grimsby, Thailand, China and Hong Kong and to exploit the non-recyclable waste plastics to fuel technology being acquired through the various IGE transactions; b) The ability of the Group to raise additional funds from shareholders and new investors; c) The conversion of existing debt finance to equity; and d) Operate these facilities at a profit to enable it to pay creditors and funding commitments as they fall due. The above factors give rise to material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. However, the Directors believe that the Group will be successful in achieving favourable outcomes on the above matters and that it will have sufficient funds to pay its debts and meet its commitments from the date of this financial report, and accordingly, have prepared the financial report on a going concern basis'