The announcement today should reduce uncertainty as the company now has sufficient working capital to move to production later in the year.
However, "should" may not translate into "will". Included in with the funding announcement is an acknowledgement that first production is looking like being in the second half of the year. This will be good news to the shorters who can be expected to exploit this delay to the max.
The Sydney Morning Herald is responding to the announcement with a mildly supportive Bloomberg article.
http://www.smh.com.au/business/lynas-sells-bonds-to-fund-malaysian-refinery-20120124-1qffv.html
On balance, I am expecting a modest lift on the open but will be watching for selling pressure from the shorters
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2 | 2845 | 7.660 |
1 | 13341 | 7.630 |
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2 | 24838 | 7.610 |
Price($) | Vol. | No. |
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7.730 | 13637 | 5 |
7.740 | 13341 | 1 |
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