Agree that this is nothing more than desperation. I would also...

Agree that this is nothing more than desperation.

I would also not be surprised if the company decides to 'extend' the SPP as well.

From the market trading activities, it looks like those Perennial Value Management Limited (National Nominees) are still selling. From the 'Ceasing to be a substantial shareholder' they would still have around 90million shares left. Assuming they have sold 20million this week, there is potentially 70million shares left that Perennial could sell. This week's selling also indicates that Perennial is happy to sell at 1.5cents. Good luck getting the SPP through at 1.6c when you have a major seller that will sell at 1.5c

I can also feel that anyone who took up the $1.62million placement at 1.6c would be kicking themselves knowing that they could be picking up shares at 1.5c only a few days after.

For any of the so called "heavy hitters" considering, just call Perennial Value Management Limited (https://perennial.net.au/) and buy their shares