Under the proposed Scheme of Arrangement (“Scheme”), IHR shareholders will be entitled to receive $0.11 cash per share (“Scheme Consideration”) 

The IHR Board of Directors unanimously recommends that IHR shareholders vote in favour of the Scheme, and each director intends to vote all of the IHR shares held or controlled by them5 in favour of the Scheme in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of IHR shareholders

IHR’s largest shareholder, Colinton Capital6 , which controls (14.6%) of IHR’s ordinary shares on issue as at the date of this announcement, has expressed its intention to vote all of the shares it controls in favour of the Scheme, subject to no superior proposal arising, and has entered into a voting and acceptance deed with Humanforce

02625934.pdf (commsec.com.au)

Wow, what a disaster for a lot of shareholders - just wow, management backed themselves into a corner and then this.

In my opinion I think IHR has a great product but I think it has been let down by the managment team and now faces significant dilution from a capital raising near the lows. I think another capital raising was inevitable at some point but they way they handled the last one was poor and now they on their their last dollars at an inopportune time. If they can pull it off to reach breakeven now without raising capital I will be impressed. I'm not sure whether some of these choices were due to the founder who has now stepped down but hopefully things improve from here as I'm looking to initiate a position at some point.

Next capital raise can't be far off now is probably the reason for the sell off (on top of growth selling off). $10 million in the bank with over $2 million cash burn a quarter so about 12 months lead time. Wonder if retail investors will get a look in now.