Ann: Half Yearly Report and Accounts, page-23

i'm a believer and hold shares (bought at 10.5c). If sales get traction the current price will be seen as a steal.

But we should still call out the negatives as we see them. And a big negative for me is the un-shareholder friendly capital management.

Ormerod lent the company $1.8m in 2012. The cost to the company in repaying that debt, using the share prices at the times of conversion, and ignoring interest (which was substantial), was around $4.9m. Put another way, it granted close to 30% of company equity in repaying the debt.

Hopefully, they will source more favourable funding in the future.

Coupled with generous options and non-retail capital raisings, the concern is that they manage good growth at the company level, but that much of that will be diluted away at the per share level.

Just something to be mindful of