upward movement, page-12

13th, understand your point about punters (who would have to be existing shareholders) selling $15K worth and then buying $15K back at a 20% discount via the SPP.

But what is your view on the facts that:

A. CCU has failed to secure an underwriter for the SPP;

B. Even if it had an underwriter, it would be unable to raise the $8m - due to maximum issuance under ASX listing rules as its SP is so low. (Its looking like $5m would be the maximum now, and that assumes it secures a last-minute underwriter).

C. The CBA is demanding full repayment of its debt facilities and security guarantee by 30 June.

D. Magna's bridging loan of $3m is also due by 30 June.

E. The significant trade creditors balance.

True the "sell on market, but back via SPP" would give a shareholder 20% more shares, but if the company goes into administration, they'd still be worth the same.

In the current situation, POS seems to be of little relevance.