Jake,I agree that a rights issue to shareholders FIRST and...

Jake,
I agree that a rights issue to shareholders FIRST and followed up by an institutional placement to top up as required would have been a far more equitable outcome for shareholders. It would also have been consistent with the much talked about creation of shareholder wealth.

There is likely to be much agro at the AGM over this and other Board decisions.

For example the $1.7 m payout to Lan Nguyen under his employment contract has been caused by Board incompetence in signing off on that contract in the first place.
$1.7 m equals 14.8 m new shares at $.115 per share. Talk about dilution! Whether the money to pay for this comes from insto's or from shareholders it is still shareholders money down the drain.

I just hope that this Board with yet another recent additional appointment "who brings experience and industry expertise etc" will stop making fundamental mistakes and get on with creating the shareholder wealth they have been preaching about for the past few years.