Ann: MDR H1 FY2019 Financial Report & Appendix 4D, page-6

Management have stated the cost to go international is high and these costs will hit the books early.

They have also stated (as recently as this report) costs will taper off in this half.

They are two thirds into their plans to commercialise the platform in other markets.

They still have $7M in cash after the $10M injection by EBOS.

I doubt they will need to raise more capital, unless they are looking at acquisitions.

I would suggest if dilution were to occur in the future it would be done in a similar way when EBOS joined as a 14% cornerstone investor.

What may play out is Management accept a block sale, using existing shares to a new (or same) interested party.

They are the largest holders and diluting the register dilutes themselves.

The fact that Zuellig want a 50% stake for launching in Asia suggests Zuellig wanted a piece of the action (a large piece).

I believe the share price will be much higher in FY20.

With a successful launch into Asia, there may be other entities wanting to take MedAdvisor from EBOS/Zuellig or they acquire it themselves.