placement, page-3

Good work Docker. Cape raising about $150AU makes it sound to me that they're pretty confident of doing a deal with PCG in the not-too-distant future. Here's what Cape had to say in relation to the potential takeover of PCH:


"As announced on 22 February 2007, Cape is in discussions with PCH Group, a public company listed on the Australian Stock Exchange. These discussions are ongoing, but are at an early stage and may or may not lead to an offer by Cape for PCH Group. Were an offer to be made and accepted by PCH Group shareholders, the Board believes that the acquisition of PCH Group would bring a number of benefits to Cape including:
o extension of Cape's footprint in the Far east/Pacific Rim;
o synergies based on Cape's expertise in supplying labour and a broader range of products and services to PCH's customer base; and
o the opportunity for Cape management to apply their expertise towards generating additional revenue and margin growth."

The Cape raising needs to be affirmed by shareholders on 23rd April, so it might still be a while before anything concrete happens, but given they've now got plenty of cash hopefully we as PCH shareholders will be duly compensated.