Note 22 puts more colour on the fair value recognition of embedded derivatives which are the conversion notes. Therefore a one off

Not sure why this EBITDA news is being bought. Too lazy to go through the ann report? Anyway will view the numbers in a different light to make sure I haven't missed anything

Will also need to practice timing my sells better here.

Think. I made an error selling out here in SRL (still hold in IRL)

Ignoring the EBITDA figure if those convertible notes did not exist then the NPAT loss will not be 3.8m but more like 2m. So they effectively halved the loss this year

Regards to forward outlook I believe there will be a bit of lumpiness in operating cash before there could be some return after 1 year.

With only 500k to retail this could be oversubscribed. Probably explains why share price went up to 3.7c so holders can get fully allocated?

However we haven't seen any announcements of the SPP closing early

After crunching some numbers took up my SPP

Even though I expect it will be still a loss next year there shouldn't be much downside being 2.5c where the share price is 4c

Don't expect to get a full allocation.