Ann: Prospectus - Non-Renounceable Entitlement Issue, page-8

If we assume that the offer is mostly ignored and Pinnacle ends up underwriting almost the entirety of it, and they then use their convertible note, they could hold approximately 22-24% of the company's shares. If they chat to APSEC who will hold approximately 8% of NORs shares after this raise, they could together own 30% of the company. This, plus some disgruntled retail investors and perhaps other T20 holders, could possibly result in a change of company direction. Given Paul just took a pay cut, it'd be prime time to fire him (he still gets 6 months pay, so better to do it now when his 6 months pay would be lower).

Doubt Pinnacle or ASPEC care for World This or That. They'd likely be happy to pivot the company to something else provided it was going to prove more successful than the current direction... which isn't hard to beat.

With almost 2 billion shares on offer by the end of this raise, I really can't see much hope for shareholders though.