placement at 18c for about $4m, page-8

Cheers Sandybeachs.

If I'm correct, Macquarie's were a sub holder in the IPO and decreased their holding substantially following a short term holding period. Given the lack of success by Strike in Carnavon Basin especially, Macca's decided to quit the stock.

Now they are acting as lead manager to a placement?? Do they still have a sizeable holding below the 5% threshold?? I'm assuming the placement is also underwritten, given the pricing of the placement. How can they come up with a price and valuation of the company at 0.18c per share?? - given that most of the information has been released to the market including possible revenue projections and the possibility of a further gas discovery with "Webernik". This placement seems to be priced at a level which seems to be very conducive to s.708 investors and insto's.

Any thoughts by other posters would be welcome.

Cheers Freakme