placement-yet again!, page-4

The reason that we shareholders did not get chance to participate in the placement is simply the cost of the exercise.
In order to make a placement the management would have had to issue a prospectus and register it.
If they had gone through the same process in Australia it would have meant that only clients of the broker helping with the placement would have got any shares so we would have missed out again.
The purpose of the issue in the UK was mainly to get more of the UK investors on the books which allows for more liquidity on AIM and hopefully a higher share price flowing through to us.
The problem of financing the upcoming drilling programme is no longer which surely is a good thing for all investors.