Ann: Decmil Investor Presentation - RCPS, page-5

"On balance better than I expected when I saw the Trading Halt. Bit concerned about the timing though, why not wait until the results are out if business continues to improve."

If the company was on the brink of reporting meaningful improvement in business, they would have waited so you've almost certainly answered your own question.

As for it being "better than you had expected"... you have got to be kidding. It's a horrible deal for existing shareholders who don't take up their entitlements, because then they get diluted like heck, so they are effectively compelled to participate.

(Not just that, but with an extra +$3m in interest expense in favour of these RCPSs, that loud wooshing noise you will be hearing over the foreseeable future will be the sound of the cash flows being diverted from the ordinary shares, towards the RCPSs. So good luck waiting for any decent dividend payout to be declared on the ordinaries for some time to come; that's if any get declared at all.)


"I haven't made up my mind whether to participate or not. "

Say, what?!
(The underwriters would be licking their chops upon reading comments like that.)

For shareholders, participation is an absolute no-brainer, because it is both a big carrot and an even bigger stick.

If you can't see that this is a must-participate entitlement offer, you either didn't read the announcement; or, if you did, you have certainly failed to comprehend it.

If these things list at anything close to face value, I'll certainly be hoovering them up. (Sounds like you might be the selling counter-party ... that is, if you end up figuring out how obvious it is that take up your entitlement).

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