Rights offer, page-5

That depends on entry point, it was 10c in June, and 20c in August, to pick the peak and talk of shareholder destruction doesn't really make sense. Incredibly small volume of shares has traded hands...

Wrt the raise, it is fully underwritten, and yes Senosi will scoop up as much as possible, which means regardless of the retail investors they will get the $$$ to bring the mine into production. This is a big tick.

However IMO the cloud over the company right now has been the inability to leverage the seaborne market to fund Makhado using FCF. The export agreement was a green shoot, but until we get news on whether MCM have been able to actually export tonnes (through the 4C or another report), I think it is high risk.... I am wanting to see this before taking up any entitlement, luckily for retail holders the 4C will come out prior to the closing date, so I actually think this is good, it does give retailers a chance to buy after hopefully seeing some progress.