wow, page-108

Without the calculator, roughly 800m shares (plus 100m quoted options) is requiring shareholder approval to be added to the register as per all those recent capital raising announcements..

Sooo at the meeting on 30th October if shareholders approve, the total SOI will increase to circa 2.2b (and we get dilution)..

Those shares made up part of the capital raise (0035c), conversion of convertible notes, directors bonuses and quoted options..

So some of those sophs and will likely sell off a few, maybe derisk take a quick profit, and it’s likely the sp will pip down after the issue of the securities.. but there’s a lot of upside potential here or they wouldn’t have had that much interest to a) not only raise the amount of capital but b) issue the amount of convertible notes..

So yeah the additional issued securities and increase in capital structure is a bit of a hit, but it’s circa 2.2b SOI, which is still in better shape than some of our peers in the sector..

But what do we get for that hit?

Debt free
Plenty of working capital
A still fairly lean market cap in comparison

I feel this is a good deal for shareholders, think of it as a loss lead..