capital raising, page-11

I agree with your sentiments TBE.

I had previously done the figures and estimated based on the below that we would not need another raising until June quarter next year.

Note 15 in the Annual report had Capital Projects Payable over the next 12 months as 22mm. 10.22mm of this was spent in the September qtr, 6.9mm forecasted for the December qtr leaving a balance of 4.8mm for the March 11 qtr to complete BWPS.

If you then take the above December and March qtr BWPS payables away from the end of September cash balance of 54.8mm and allow 1.5mm per quarter for admin and a little over 8mm per qtr for exploration and appraisal it leaves a March 11 cash balance of around 23mm.

Surely waiting for commercial flows would of provided a better opportunity to raise at less of a discount. Its always a bad sign IMO when a SPP price is lower than one a year prior.

Not saying i am losing interest in BOW but am quite miffed by the reasons given for this raising.