I also think it is more likely to be a capital raising rather...

I also think it is more likely to be a capital raising rather than take over offer

However, I think following the withdrawl of the AGM resolution to allow an extra 10% capital raising, over and above the existing 10% allowance, this will limit the size. A $20m raising would nearly double the number of shares on issue. I would have thought they might need an extraordinary general meeting to approve such an issue. Under current arrangements I thought they could only raise say 8m shares at say 35c giving a sum of around $2.8m - hardly worth the effort.

Or have I got the rules mixed up??