Ann: Corporate Investor Presentation - September 2019, page-5

it's always been clear they need a capital injection to complete the smelters.

Tranch 2 and 3 were capital injections, when they cancelled them it was either debt or raise more capital.

debt is highly unlikely as there is no income.

if someone is coming in for capital, it's in all existing shareholders to keep the price as high as possible, as there is usually a discount to the weighted average price (over a couple of weeks), to get to the discounted capital raising price.

expect downward pressure on prices from here on in until the captial raising is announced