Ann: Payment Extension and Appendix 3B x 2 , page-9

i have mixed emotions

immediate reaction is one of concern - why couldnt they get funding by initial deadline, and without dilution?

but price of 12c suggests MYG had a reasonable degree of negotiating power given current SP and indicates it wasn't done out of pure desperation

other encouraging sign is todays SP movement - there was a good chance of SP getting smashed much more then it did given overall market and the announcement but fact it bounced off day's low suggests news is not being received too negatively

That all said, i am starting to feel really confused by the whole funding thing - JG comes across as a very good oeprator - raising a few mil is a no-brainer for this co

the fact this has dragged on so long over an issue which really should be a non-event can only be put down to 3 things in my mind:
1. Broader market anxieties (i dount it - why wouldnt he just invite share holders?)
1. JG is not as competent as we all think (I doubt it)
2. Protracted neogtiations is a conscious effort to introduce anxiety to lower SP

The 2nd option has a couple of sub-options:
2a someone is buying into the fear on-market
2b someone is waiting on sidelines to take this whole company on the cheap

i honestly cannot believe it would take this long - its so out of character for JG to stumble through such a simple exercise