Ann: Trading Halt, page-239

If we try and look at this in another way, by assuming the MD is looking after small retail holders (as well).

Firstly, Morila is a big mine and requires considerable money to bring it back to full spec.

Secondly, by offering shareholders the SPP prior to the DFS release, small retails shareholders were given the opportunity to buy shares cheaper than an institutional raising.

Thirdly, once the SPP is completed, they release the DFS, which is impressive, the share price was always going to rise, then they call a halt for an institutional capital raising at a price higher than the retail holders had to pay.

Fourthly, the institutional holders add an extra $10m to FFX which will be invested in Leo, some of those shares may even be distributed to retail holders during the in-specie allocation.

So, this scenario then, is called my "rose coloured glasses" scenario, and it just may be that this is how the company planned things, which if true, is pretty good. Maybe we'll find out one day, and then have a different opinion of this institutional capital raising.

Gw