Ann: Market Update, page-15

So at October 30, 2017 the share price was 80 cents and there were 92M shares issued. Market value of BPS about $74M.
Capital was raised in November/December 2017 increasing the issued shares to 118M. But the share price was down to about 50 cents. Market value of BPS about $60M.
Directors issue a Market Update in late December 2017 confirming EBITDA in first half to be $4.5M and full year EBITDA of 10.2M. Share price steady at around 50 cents.
Directors issue another Market Update in February 2018, just short of 2 months later advising that they got it wrong. The 'underlying' EBITDA in the first half would now be $2.7M. Share price falls to around 30 cents. Market value of BPS now about $35M, close to half the market value six months previously.
On 28 February, 2018, the Directors want to raise more capital but, due to the collapse in the share price, they have to issue shares at 28 cents each. At the conclusion of this next capital raising, there will be close to 200M shares issued and the Market Value of BPS will ????? It is unlikely the share price will stay around the 30 cent mark and further falls should be expected.
The Chairman has overseen this wholesale destruction of capital. He should fall on his sword like the others and leave the new team to get on with restoring profitability and health to the business.
P.S. Take a look at the Operating Cash Flow report to see that the business is burning cash at an alarming rate.