where is the distribution notice, page-5

Agreed, shareholders are not fully informed. Maybe recap are struggling to determine how to get out of the current mess without killing the stock.
I?d rather see the dividend retained and used to fund an increased % ownership in RRT.

An extra $17m is required to take the share of RRT from 14.5% to 35%
Under the current strategy of issuing more shares an extra 250 million more shares (60% more shares) would be required (assume 7 cents issue price). This would most likely result in the share price dropping to around 3.5 to 4 cents.
If you assumed a nta of say 20c per shares (by way of example), then the loss of value for shareholders who do not engage in any placement is equivalents to almost 2 years worth of dividends. Raising money via current schemes is very bad for current shareholders who do not have the money to participate.

There is currently major selling as some major investors have lost faith in this strategy, which is also incredibly delusive. This is also helping drive the share price lower without respite.
There is no protection given to small shareholders, who have lost substantially when one considers the original $1 issue price and 10c per share original dividend. Continuance of the current strategy of just adding more shares at lower prices and driving the share price further lower serves no benefit to shareholders, who have no ASIC protection.

No one is wining from the current management strategy of raising the majority of funds via placements. Those who bought into the placement at 15c have lost out substantially. Those who bought into the last placement at 6c will similarly lose out if another next round of capital raising occurs. This is a downward spiral. Why would anyone continue to invest here?

In the current repressed market a mix of new funds from retained dividends, debt and shareholders is required, in that order of preference. The continued strategy of raising capital as per the recent past will soon see this stock become a penny stock. For a change recap management should consider further stock dilution a situation to be avoided.

However, not is all bad.
The RRT deal is extremely attractive if you look at future dividend potential.
When a 35% RRT ownership level is achieved, there will be an extra $6M alone in dividends, or 1.7cents per annum per share, and this is just from RRT alone. This is very good cash flow, and one of the major attractions of the deal.

The management needs to determine a sensible and responsible strategy rather than further stock destruction, and regain investor confidence. Get though the next 12 months and this will be an excellent medium term stock in terms of dividend return and capital gain. The biggest obstacle for current shareholders is any management thoughts of further growth and further stock destruction.
I have owned shares in rcu since the IPO in March 2006, purchasing 100,000 at $0.97, and have purchased many more shares since that date. The above is my opinion and my own calculations.