DB, This is my understanding of the rights issue, happy to be...

DB,

This is my understanding of the rights issue, happy to be corrected by others more schooled up on this though.

1.
• Acceptances (New Shares): 202,295,078
• Shortfall Shares: 593,592,274
• Total Number of Shares: 795,887,3521

The 202,295,078 new shares, its the total amount applied for, so this is people's 1:7 allocation plus a any extras over and above.

The 593,592,274 "shares" are still in Dave's back pocket currently awaiting further instructions.

2. Those that applied for additional shares would have received them and they are included in the 202,295,078.

3. Correct, the shortfall if 593,592,274 can be held for 3 months. My understanding is that the Rights Issue document set the price at 1.8c or 1p, they can only be issued at this price, those that assume there will be some discount to clear them out will be disappointed.

However, should the share price rise within the next 3 months the shortfall shares can issued, at the stated 1.8c or 1p, creating instant profit for those lucky institutions, who'll no doubt flip for very little risk.

My belief is that this Rights Issue was to reward those shareholders who have stuck with the company, a favour from Dave. Now not all are/would be able to take up the offer some are also geoblocked and as @docmin24 says, confidence is not at an all time high.

This is why I believe there is some good news waiting in the wings for every shareholder, whether they took up the rights issue or not.

The 795,887,3521 will be issued, the funds will be raised, winner winner, chicken dinner.

As I said happy to be wrong, just my thoughts.

Cheers all.