trading halt, page-29

what they have done before...
In September 1995, PSA raised A$24 million from the issue of 8.3 million ordinary shares

In July 1996 PSA raised A$89 million from the public offering of 4 million ADRs (representing 5 ordinary shares each ADR)

In 1995 new financing facilities with an initial borrowing base of US$62.5 million were put in place

in June 1997 PSA issued US $100 million of 10 year fixed rate senior subordinated notes at 9.5% to insitutional investors in the US

PSA has also raised money by selling off unwanted assets

And when everything went belly up it raised money to pay off debt by selling virtually all its assets first in a deal with Apache then in a supervised situation under Chapter 11 bankruptcy protection.

All one can say now I suppose is that with interest rates low and the aussie dollar high it might be timely to issue new scrip/notes to instos who can't get in on the open market (that liquidity issue again) without sending the share price into the stratosphere.

You would think given that the company presumably doesn't really need the money right now that they would be able to raise finance on their terms and that any share offering would have to be above current market price.

Anyway they have the bad experience of the 90's to remind them of the problems they can get into if they don't spend borrowed money wisely so lets hope what they are doing is in all our interests.