did noble announce the deal to sgx?, page-30

Sadly SDL management has a history for handing out freebees at the expense of its SH. I mean! 15% of comp for $40m???
Yes, devil is most likely in the detail and, as usual, there are those who are in the know.

9L mentioned - no need to worry about CR. BUT, A further $40m injection by Noble and InvGroup (for yet another 15% of company) is as bad and worse than cap raise.

In absence of early conclusion of equity stake deals which incorporate an immediate cash injection from new equity partners (as backcharge on project development costs to date - which means NO dilution but indeed strengthening of the SP) a CR of some sorts in next month or 2 must be on the cards.

By my calculation existing funds will barely get them accross the 2014FY line and then its to late to do CR at that stage if something fowls up and causes further delay.

To me a CR (or another giveaway - the devil in detail)seems to be the cause of the low SP.
So yes. What is the devil in the detail. More giveaways? Sadly, I think management will pass of more of the comp for next to nothing because they wouldn't be bother with CR at these levels and at this point in time.