Ann: Converting Note & Non-Renounceable Entitlement Offer, page-13

Geez I feel for holders. 

The funds must have squeezed mgmt hard. Must be difficult as a director to have done a deal raising funds at all time lows at a 50% discount!

Been a long time since I've seen such a shafting of holders I have to say.

$3.5m cash at bank at end august and MC just $8m at previous close. Now $4.8m until the 2c shares convert. 

I'd have to say the SP almost certain to hit that 2c level at some point now.