Ann: Closure of Non-Renounceable Entitlement Issu, page-6

re: Ann: Closure of Non-Renounceable Entitlem... Andrew & Lia haven't lodged their 3Ys yet so they are either late (meant to be within 5 days of change), or have reneged on their commitment "to take up their full entitlement" as per prospectus page 22. I wouldn't assume that the shortfall has been placed yet - it says they have up to 3 months from the closing date to place. The rights issue did raise ~$240k. That should last about 1 month going off their previous cash burn rate.

I reckon that this will be the penultimate capital raising with AM at the helm before he decides it is time to move on. Assuming he places the options, with over 750m shares on issue (fully diluted), it is all but guaranteed that the next rights issue will crack the billion shares on issue level. Pretty hard to move your share price after that, unless you're BHP or RIO.