Ann: Chairman's Address to Shareholders for AGM, page-2

Flagging another cap raise here. S/P cottoned on as well.

"its major investor, Manukan which is part of the Malaysian Sovereign Fund, Xeraya, has put a dampener on the overall achievements and has placed an extra requirement on Memphasys for ongoing litigation funding."

Outlook:

"The development of the next generation SpermSep device and new membranes are expected to be value drivers for the company in the foreseeable future, subject to sufficient funding being available and subject to a successful conclusion of the litigation against PrIME and Manukan."



Don't know how they go about this tbh. Most small ASX companies raise capital with the promise of getting their big product off the ground.

MEM will want it to fund litigation that will go on for the length of a piece of string.

Directors can't keep looking internally for funds forever, and to make a raising even remotely enticing they can't offer shares at the current S/P of 0.004c. Will need to be 0.002c, which kills current shareholders.

MEM needs to get crafty here. A possible cap raising to shareholders is suicide at this point.