interesting interpretations, page-40

Buddy, that is exactly what CDU should do. Raise money at any price. As zz said, the longer you leave it the worse it will be.

Suppose OW would pay $2.50. They are still limited to 19.9%, so say still 15m shares for them. $37.5m. To be conservative I think the Co. should raise another $100m, because:

a) projects always overrun on costs
b) it is not worth the risk of guessing what the capital markets will be like in two years when you would be running out of cash for the sake of another $37m now.

So that would be another 40m shares for existing shareholders under an SPP, or, 40m for another investor.

I think, in the current markets, an SPP will take too long to organise. That is probably why WM didn't come to the shareholders as per the 29th April announcement). I doubt that many shareholders are in a position to fully take up a 1 for 3 issue at $2.50 (taking OWs shares away, there are 117.5m on issue to other shareholders) anyway.

Maybe you'd have to raise at $2. Almost certainly, if OW can't step up to the plate for any. But just do it now if you can.

The biggest obstacle to all the above is that WM would lose face in his own eyes, as well as in many others. Too bad. It should never have been about beating the suits. Now is the time for him to show true character, admit it could have been done better, but get the cash, and plenty of it, so CDU can concentrate on the mining.