Ann: Proposed Cash Placing, page-2

Looks like they have struggled to get real support for the funding in London and are having to issue warrants to takers of placing stock as an incentive.

The range of the raise is wide, again confirms uncertainty of demand, £4.3m to £10.8m at 6c or 3.4p

What this means is IF there is any share price appreciation then warrant holders will convert and sell, this hinders share price growth. The warrants have a 2 year life with 1 warrant for every 2 placing shares.

Assume they raise £7.5m = 220m new shares @ 3.4p
Add currently issued 352m

Would equate to a market value of £19.4m

This cash will not last long, given CAS historic cash-burn, there will be lots more dilution for sure, on AIM companies that keep coming back to market to raise will be targeted by short sellers.

Existing CAS shareholders are being heavily diluted.