Not good. Less than 25% of rights taken up, leaving a shortfall of over 83 million shares.
The directors took up over 10 million of the new shares, meaning only around 16 million new shares were taken up by unrelated investors.
The big questions are now:
How much of the shortfall can they place privately within the next three months?
Given that (according to the latest appendix 4c) the normal quarterly overheads exceed the amount raised, leaving nothing for funding the strategic direction change, how does the management intend to continue operations beyond the June quarter?
NTI Price at posting:
3.0¢ Sentiment: Sell Disclosure: Not Held
