Got legs, page-555

See this is the type of discussion that should be taking place on this forum. Thats for taking the time to actually justify your point of view.

I personally don't see it that way, but were all entitled to our own opinion and we will find out soon enough what was right and what was wrong. At least you have explained why you see this as a buy.

I think the 'on budget' comment was so long ago that it is seemingly no longer the case by the most recent announcement. I also feel that if the budget was them being profitable enough to avoid dilution, there would have been far greater dialogue around this. I also don't think we would see all the stuff in the media currently circulating and McGrath Nicol wouldn't have recommended a recap.

The biggest warning bells for me are simply that management have said as little as possible. They owe it to shareholders to clarify all the recent media speculation as people are buying and selling currently based on whether they believe it is true. In the past I have found that companies saying as little as possible will generally mean things aren't going as they would like. I am surprised the ASX hasn't forced them to confirm or deny the variety of media reports because if they are confirmed true there are going to be a lot of people that wish that they sold.

I should note I think we may see a small profit in H1 results... I just don't think it will be enough to avoid a heavy dilution recap. Possibly a buying opportunity following the restructure though.

As you said, all in my opinion and DYOR. They will be forced to provide clarity soon.