Ann: Non-Renounceable Pro-Rata Rights Issue - Rev, page-22

re: Ann: Non-Renounceable Pro-Rata Rights Iss... The latest announcement doesn't fit in with his conspiracy theory.

or mine for that matter.

I am finding this hard to follow now. According to the Annual Report in the Chairman's address, Vagif states they are currently producing 3000 courses a month which equates to 3,375,000 USD per month or at current exchange rates around 5.2m AUD per month. Even after deducting costs, just one months current production would dwarf the latest raising. So there must be, in my mind, a roadblock that is preventing this production being converted into cash.

My only suggestion here is that there is still more red tape to be cut and maybe the directors couldn't cough up the required $2m between them.