Ann: Appendix 4C - quarterly, page-5

Not really.
Can only presume they sold 3M shares at $0,01 each, and I suspect they already had prior AGM approval to issue share parcels willy-nilly to keep them afloat .... but nothing PPY does makes much sense. They are in survival mode.

I wonder who are these so called "sophisticated" shareholders. ?
They don't seem very "sophisticated" to me if they're willing to pump $30K into this dog.