Ann: Trading Halt, page-14

I'd say that it is almost certainty that this will be a placement to sophs with no rights issue to existing shareholders. Rights issues take too long and they need the cash now.

What annoys me is that the share price in Q1 was trading for the most part between 10-11c, a 20% discount at these levels would be 8-9c. Given the shareprice is now around 8c we are likely looking at a placement between 6-7c because they need to raise cash now and brokers see blood in the water. An extra 20% dilution for nothing.

All one can hope for is that the cap raising this time is relatively small and they learn their lesson in future.