Pretty immature scaremonger post really GO. Bordering of dribble IMO.
If the directors were concerned that only 60% of the rights issue was taken up, why didn't they extend it? I would say because they know they have other underwriters/broker support and the shortfall has already been spoken for.
Given this was a rights issue, and the entitlement was limited to 1/10 of holdings (no extra shares could be taken up) i think 60% uptake is excellent, especially given the shares were trading at only a slight premium while the offer was open.
The shortfall will be taken up, cash will be banked, drilling will commence in 2-3weeks and we holders make money.
cheers.
rights issue massively undersubcribed, page-12
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