takeover of cityview done deal post egm, page-28

Hi Angry - enjoy your posts.

IMO, what is logical is that any financing of the refinery may be staggered after certain milestones are reached along the way to possible operation in mid 2010, but frankly, on paper at least, the market just raised its eyebrow and grimaced at the last announcement with a whopping debt package at no cost until production and an enormous, almost without precedent in my experience, $150m plus placement at a miraculous 110% premium to current prices from a company whose market cap is of minnow status.

The detail in the EGM resolutions will be of real interest to all observers to note how this could be so.

IMO, the last BRR, which I heard last weekend, had a jarring error in it regarding the placement...see if anyone can pick it, and it wasn't the crusty thunderbolt that created the tidal wave that hit the British Virgin Islands of late. LOL