Blackham AGM- Turning point, page-32

Spartan

I'm not sure how you manage to give such a detailed analysis on statements that were made at a meeting you were not present at? My OP is a summary based on notes taken at the meeting.
The discussion of the rain event was had in order to put context around some of the issues that arose from that event such as the need for a significant cut unscheduled cut back of Matilda and some of the issues they have had with wall slippage in these old pits. It was a detailed and open discussion of facts not a series of excuses. It's mining and sometimes unforeseen events occur. It is a risky business.
This then led to a discussion on where they are at operationally now and how they are working to mitigate the possibility of disruptions in the coming wet season. This is exactly what I and many shareholders want to see. It's ok for things to go wrong it's not ok if the company hasn't learnt anything imo.

your assertion/opinion that this funding deal comes at a huge cost and is essentially a takeover just doesn't stack up imo. You also say Pacific is taking a huge punt
1. Pacific is a respected institutional EQUITY investor with roughly $800m in funds deployed
2. They have extensive inhouse technical and financial teams that run the numbers on hundreds of deals every year, most don't pass the bar. Outfits like Pacific do not take "punts". They take carefully researched investments based on having crawled all over BLK like flies on a blanket. It is a calculated risk/reward decision. Of course all their investments will not be winners.
3. Companies like Pacific are not interested in taking over companies like BLK and becoming owner/operator miners, they are equity investors.
4. You seem very concerned about the dilutionary effect of options issued. Why don't you leave actual holders to worry about that. If you take a look at the cost of finance under the Orion finance deal this is actually on better terms 9% Vs 7.5% + >2% or 3 month BBSW
5. Regarding those options (putting aside tranche C -these are currently impossible to quantify and I expect will never be triggered) if all options (tranche A and B) were exercised Pacific would be tipping another $12.4m into BLK.
6. If Pacific does well on their equity investment so do all current shareholders