Success of cap raisings and who is responsible, page-7

from aanouncement dated 26/09/2017 - below - AF and co raised a total of $1.188 million, the shortfall was $1.312 mill. The shortfall was more than the actual raising done by AF.

If Archie Fraser was doing his job properly then this raising would have been oversubscribed and Paterson's would not to have placed the shortfall, which was more than the raising, with one single person - from WA I believe.

I think it is hard to disagree whytee that the shortfall was huge. That cap raising was a massive fail by the CEO Archie Fraser.


Optiscan Imaging Limited (“OIL” or the “Company”) is pleased to advise that under the SPP, which was announced on 23 August 2017 and closed on 22 September 2017, the Company received applications for a total of $1,188,000 (14,850,000 shares at an issue price of $0.08 per share) from Eligible Shareholders. The SPP was underwritten by Paterson Securities Limited (“Underwriter”) up to the amount of $2,500,000 (“Underwritten Amount”). As per the terms of the underwriting, Patersons will place the shortfall of $1,312,000 (16,400,000 shares at an issue price of $0.08 per share). It is envisaged that the Shares to be issued pursuant to the underwritten SPP will be allotted on 2 October 2017. As announced previously, the Company has also received commitments from professional and sophisticated investors for a total of $1,000,000 to participate in a placement at the same issue price as the SPP (“Placement”). The maximum number of Shares that may be issued under the Placement is equal to the Company’s placement capacity under Listing Rules 7.1 and 7.1A at completion of the SPP. The Shares issued pursuant to the SPP and Placement will be issued on the same terms as, and will rank equally in all respects with, the existing fully paid ordinary shares in the Company. Shareholder approval is not required for the SPP or the Placement. The Company is pleased with the response from 166 eligible shareholders and wishes to thank all those who participated in the SPP for their on-going support.