You raise some good points. I'm not as comfortable with it, as...

You raise some good points.

I'm not as comfortable with it, as what I'd like to be.

I get there is less dilution, but I question whether we've been adequately informed in relation to the cap raise and certainly the narrative and investor mix has changed along the way since it was first announced in October.

With the December Quarterly they clearly stated " In October 2017 Novatti raised $3.5m from a Chinese investment group with a further staged investment of up to $6.5m during the current March quarter. This will allow Novatti to pursue multiple opportunities, particularly across the cross-border and China payments area where it has identified a number of immediate and medium-term opportunities for growth".

Now, one month later we find out they are $3m short. Plus the options are also off the table.

Now they tell us ... "On 11 October 2017, the Company announced an investment of $3.5 million by a Chinese technology investor, Mr Xiadi Chen, by the issue of 25 million shares at 14 cents per share, that contemplated a further investment by Mr Chen of up to $6.5 million at 19.217 cents per share".

"Contemplated" was not mentioned anywhere in the October 11 announcement or December quarterly. The only contemplation was shareholder approval was required for Tranche B, before February 28.

The announcement of 11/10/17 mentioned a GM to be called before Feb 28 to approve the $6.5m (Tranche B). So how much notice does a company need to call a meeting?

It seems like they knew there was an issue or a change in their original plan, as they never called the meeting to approve Tranche B, yet as at the end of January they implied everything was on track to receive an extra $6.5m. What changed & when?

Also the original 19.217 cents per share for Tranche B was based on raising $6.5m not $3.5m.

Steven Zhou was also granted a board position based on the announcement of October 11. In fairness I guess we now have 3 extra substantial holders than we did prior to that announcement.

There's the opportunity to raise again later on and they do state that these investors "each have the capacity to support the strong momentum that the Company has generated in the growth of its China Payments business".

It's still a hold (based on the growth and scale story that's unfolding) but I'll probably be contemplating more than I was previously.