This is terrible management, no other way to describe it.
discussions with current large holders gave them opportunity to drive share price down to where they wanted it;
no fair deal given to existing shareholders;
ridiculous that they throw in a #$@ tonne of free options (at 6 cents, are you serious Steven?!!!);
excessively expensive raising costs;
sub-underwriting deal to pattersons is a scam - CEO giving his old mate freebies essentially;
Absolutely no need to raise it all at once at share price lows - management essentially wanted this dilution, no other way to explain it;
VOTE NO, smaller placement, rights issue to existing holders and existing cash is more than sufficient.
We are not cheap anymore after this deal. Fully diluted over 500 million shares. Upside on this stock has been seriously destroyed, with plenty of room to go lower.
