well #6 to spud., page-11

It was a one off, or the company would just say they have negotiated a 0.2c floor price. But I'd say they are under huge pressure to compromise in future. But the vwap dipping below 0.2c was extreme. Hopefully neither Lind nor GGP will be put in that situation again.

I know their was huge backlash from shareholders and many phone calls. I personally discussed the issue with ASIC to no avail. And note holders weren't impressed either. Heaps of pressure applied to get it sorted and to be fair it was a job well done. In the end it was rounded up. They paid a premium ;)

I'd be just as happy if they got the discount and no rounding at all.

Regardless it is highly dilutive and a very expensive form of finance. But until something better comes along then we just need to factor it in to the equation.

Cheap verticles are probably the way to go while funding is difficult. MAD did very well with a similar model. Quickly prove up reserves and have a steadily increasing production profile. Satisfy CDP conditions.

IMO I'd be looking to add value to the acreage then flip it to someone with the appropriate caveats and indemnity for future legals.

Horizontals are the go, and it's hard to see GGP funding more then one per year without diluting us to nothing. So sell it to someone who can.