Hi Sally, thanks for this - I agree with your thinking re seeing this as a defensive strategy.
The directors (who own a very large chunk of GRL) obviously don't want to dilute their ownership (or that of loyal shareholders) without good reason. Thus I suspect that the raise now (instead of in 6 months time at a higher SP), and the options for Hartleys, are more about putting shares in safe hands - who will support the BOD in the case of an attractive buy-out offer to shareholders - than about addressing an immediate need for money.
Solarbat
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