@Happ these "options" you outlined are purely hyperbole and you know it. i said ages ago, the company should have raised at 15c-20c if it was such a small amount required to fund stage 1.5. dilution would have been manageable ($15-20m cap raise for a market cap ~$150M), and angst around financing and timing of 1.5 would be removed. we would well be nearing completion of 1.5 by now had they raised, except they had majority shareholder to worry about (well that ended badly for him anyway). all the cost savings and margin expansion associated with 1.5 would have been brought forward, i'm sure you understand the concept of npv.
also bullshit that arranging debt is outside management control. you said you worked in proj finance, you should well know having a client that is on top of things and driving a bank to get a deal done puts enough pressure on the lender to focus. that is how deals get done. the dumb clients just sit and wait for the lender to work through its credit approval process. in any case, you'd prefer management maximise shareholder value, i would like this too however it seems our opinions diverge about how, but the facts are very clear how successfully management has been "maximising" our value as shown by the share price.
