Ann: Geoff Lord to become top 10 shareholder, page-14

Allow me to translate this announcement. TNT is strapped for cash. Lord is in a position to pony up some for a hefty discount to market. He'll take an "advisory" role and claw back his investment through fees over time. In the meantime, this has laid bare the parlous state of ASTA's cash flow. Because an entity with revenue of $18MM shouldn't need to do a deal like this for a paltry half mil.

The whole point of being listed is to be able to draw on the market for capital. Issuing equity at below market is anathema. The only reason you don't is to avoid having to fess up to reality in a prospectus.