double punp, page-17

Hey John, MSR have excellent management who are also running PRU a nice little company of $1+ Billion.
Management own approx %27 of MSR. The last capital raising was at a substantial premium to the SP and as the Capex is around $36 million - with current Cash, plus perhaps a small amount of hedging, MSR (IMO) with managements excellent links to financial institutions will easily be able to get a loan for the approx $25-28 million needed to get to production.

I cannot discount there could well be another capital raising John, however I am guessing it would be pro-rata (which I regard as the fairest way for current holders to partake in raising whilst usually getting a high uptake). Perhaps $5 million would be enough (as Debt is getting cheaper all the time, especially if sourced from the U.S)

Everything I have read and heard so far about MSR lead me to believe that management are profession, by the books and update when relevant. I do hold other stocks which I feel even more comfortable about regarding Management but MSR is up there for me.

Btw John, keep up the comparisons on the CVR threads, I enjoy them even if it is extremely difficult to discuss/take in all the different factors. It's fun! (yes everyone - investing/research/discussion can be fun IMO)