Ann: Appendix 4C, page-30

I don't automatically equate a capital raising with negative sentiment. Been through a number of positive and very profitable capital raisings. But also been through a number that have been very bad.

Good ones have generally raised on the way up, and raised more than they needed... or raised at higher prices if they went for subsequent top ups.

Bad ones keep raising on the way down... and include outsiders who end up diluting existing shareholders. I'm not saying it will happen here, but if they keep this cash burn rate up and the revenue doesn't pick up quickly, that situation becomes much more likely.