decision, page-22

I won't be making a final decision to subscribe until very close to the closing date - the recent SDV options update announcement shows that there is still plenty of time for more negative news.

My 'back-of-the-envelope' calculations based on available info about production volume (now 10kt pa), sales ($6k/t) and costs ($4k/t + $7.9m admin after cost savings) show a likely operating profit of about $2m per year (I am definitely no accountant, but other posters on HC have come up with similar numbers). And this is more like a best case scenario, so still more downside risk. In other words, no ST/MT prospect of the one producing asset generating a significant return so it becomes another LT speculative investment in future profits from SDV.

So the only possible reason to put more cash in would be speculation that several parties would want to use the CR to get control of the assets - which I think would still be valuable without the debt burden. If there is competition for control of the company then just maybe the shares will trade above 8c after the CR, and options will be worth something and a change to recover some losses.