Shorters will win, page-20

You add them because that is the full excised SOI. And in a successful scenario that is the number of shares you need to assume in any thinking/modelling.

Great to support IMU, I guess you just need to adjust your NPV/IRR to account for 20%ish more SOI.

Also, there are many reasons the board might hypothetically support this massively dilutive raise despite having 150M to 200+M (future $) in the bank. Here are a few possible scenarios:

1. Defensive against second strike, via dilution.
2. Defensive against hostile T/O,. again dilution
3. Raising now prior to asx200 removal. Instos are already lining IMU to dump would be my guess.
4. A catalytic event that really requires it. Let's hope so.

I'm very interested to here exactly why the board felt there was no other choice but to raise just prior to some cf33 results reveal at a very low SP and massively dilute holders even though they are cash rich.

If no catalytic event, watch out for bonuses this at agm this year. Will the board grant themselves options to make up for this dilution this time as well?

At least the science and scientists are amazing.

Be honest with yourselves at least, despite the potential for fan fiction here.

GLTA.