imho the urgency for this placement was because they are afraid the writ chalenging the legitimacy of the proxies lodged at the egm was going to be succesful therefore leaving them in a whole if the egm had to be repeated and they could not do what they did last time with the proxies again. so they had to create a stronger position in case there will be another vote. now the results from the challenge of the proxies will not make a difference because they have issued far more shares to an alligned party. this is also why they could not offer this as a placement to shareholders. that would not have helped their cause, even if they would have raised money at a higher price that may have been in the companies interest but not the directors interest. they would have had to give the new investors a good price on the shareholders expence to get them aligned with them. WE HAVE BEEN HIJACKED!!
DMA Price at posting:
19.5¢ Sentiment: ST Buy Disclosure: Held
