The announced fully underwritten rights issue indicates that some parties are keen to see CHM have its day in court. While it will dilute current share holdings, the price of the new offering (4c/share) even with the attached free option (exercisable at 2.5c) demands a slight premium over the recent trading price.
This issue WILL raise $2.29M and another $1.43M should the attached options be converted. If current shareholders aren't keen to take up their entitlement so be it.
Tomorrow is the day scheduled for the next direction hearing, hopefully we may get a trial date set for this matter. If so rights issue may be the only place we will be able to get a share for 4c.
rights issue
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