Robbo, you may be right that the rights issue will never happen....

Robbo, you may be right that the rights issue will never happen. I have never seen the announcement of a rights issue with such a long lead time and no real definitive date.

Why announce it at all ? If they don't need the funds until July why not announce it in May.

Its all very airy fairy.

A placement to "sophisticated investors" or even better to a cornerstone investor would have given the market a lot more confidence in the stock. It could have happened by now and the sp would probably be above 30 cents.

Something smells. The directors can't be that incompetent !