Ann: Refinancing Update , page-52

Not necessarily eternit, it depends on the circumstances and the interests involved in the cap raising.

As an example MGX did a recapitalisation at the end of last year at $0.60 when the SP was only around $0.28. This allowed the companies underwriting the rights issue to buy any stock not taken up by current shareholders. In the end, those companies (APAC/Shougang) bought pretty much all the shares issued at that price ($0.60). The SP of MGX is now hovering around $0.90 and peaked recently at $1.23. At the time of the cap raising I amongst others thought why would you, but 6 months later and it now looks like a pretty sweet deal for them.

So it could be that an interested party related to Boart may want to take up a bigger stake at a price that nobody else will take up, it will stabilise the balance sheet, which of itself will improve the value of the company as the discount applied because of the balance sheet concern is eliminated.

Anyway, time will tell. Sharks.