Ann: Standby Equity Facility , page-15

Ya Global is the rising damp on any share register! (ie CMR, ADY etc). They rake high interest rates, and invariably dilute shareholders enormously when the company has cash flow troubles and cannot repay in cash. They sell down the share issues immediately forcing the price down for the next paymeent period.

Yes, LYC needs more working capital given their funding only just covers planned capex inclusive of a small contingency. I just don't like the thought of ever more dilutive debt on top of debt. Why not wait for share price bounce after $95M bond finance etc secured then raise working capital from share issue? Maybe because management know it aint coming?

Gotta say the way Ozzie management guild the lilly, mislead or downright lie about their companies situation to put on the best possible spin is outrageous. Time and again shareholders are led to believe one thing while the insiders with good contacts act on the real facts. Why not just be 100% honest about prospects, let all make their bed and see how things actually pan out. Stop giving the inside shorters a free lunch or free get out of jail pass at the expense of the retail or mug insto punter.

That is not to say LYC have misled because they may know the $95M is a done deal but long experience with trading the ASX tells me they are rarely not crooked.

goodluck.