Ann: Capital Raising Update, page-30

Here's why it's essential they disclose the counter offer.

Say the CR price is $0.015
To raise $13M AUD = 866m new shares

Total shares= 2.66bn (1.8bn + 0.86bn)

Market cap@ 0.015= AUD$40m.

Pak could acquire USD$10M (AUD $13M) shares on Market = 866m

Giving him 866/2666 = 32% stake.

That's a deal 3 times better than what he wanted.

We need to know how bad his counter offer was so we can determine if something like this is likely or not and at what price