19.9% clarity needed, page-4

no KEY just stuffed it up, that's all.
their announcement that this Second Placement was "an additional investment" is "cute".

what has happened imho, is that when they announced (or agreed) that ASF Group would take a 19.9% s/h in KEY, they based the number of new shares to be issued on the old issued capital ie 451m shares.

what they should have done was to base that 19.9% s/h on the expanded capital base.

the numbers show that is the case.