19.9% clarity needed, page-9

goodaye Lani - well I think you are confusing me now.
But I think I can see where you are coming from.

one issue you raise is the T/O trigger point.
usually, if someone acquires 20% of coy, they have to launch a t/o.

But I think it does not apply in this situation, because it is a Placement, and when the Placement is completed, ASF will not breach that 20% threshold.

the fact that there were 2 placements is a different issue.
I think it was a mistake by KEY and ASF.

I think it was always their intention that ASF would end up with 19.9% of the EXPANDED capital.

The fact that they had to top-up the issue of the new shares with a second placement, is because they got the maths wrong under the 1st placement.
ie when they calculated the 19.9% number, they simply did not calculate the 19.9% on the expanded capital, but on the original capital.

cheers