Chairman underwriting rights issue, page-2

I am trying to make sense of this and I wonder whether there is a power play at hand. Is it being done to force the hand of the Convertible Note Holders perhaps ? Certainly gives them an option, convert to Ord shares and get 25% more at 10c or dilute your equity stake and keep getting your high interest rate.

There is no doubt the company can do good things with the cash, but no matter how you look at it - it is a surprise and has killed the share price momentum.

Long term I still like it though.