general meeting, spp & grant thornton valuatio

I spent a fair bit of time over the weekend having a read of the notice of General meeting and Grant Thornton discussion on Cockatoo Coal's SPP and valuation.

I should have written some notes, but from my take of it, as may have been discussed the feeling that the raising was not fair to existing shareholders, as essentially after the raising the ownership gets diluted from 81% to around 20% from memory. But given the KEB loan due next month, in the absence of any other proposal COK may be looking at a potential wind up, so I guess it saves the company.

Their valuation which seemed very detailed (but always taken with a grain of salt) suggested that after the raising a fair valuation of COK in the current climate is around 6-7 CPS.

I'd be interested in other people's thoughts if they've also waded their way through the chunky booklet. This is officially now my smallest holding and one I should in hindsight have exited years ago. Very underwater, but I do broadly believe in the coal sector in the Longer term, especially once the easy money in the blue chips is made in this market. Might be worth taking up a small portion of the SPP just to have a tiny punt. But as others have mentioned there's every chance once the shares are issued that this could tank..

Thoughts?