Ann: Quarterly Report as at 30 June 2015, page-20

As I read the quarterly, MacB ended negotiations with the American fund on the 30th and presented an offer to PGI on the following day.

As it was included in the announcement, I presume PGI had known about it for a little more time than suggested.

However it is only and offer, and, although it apparently is attractive to PGI, BJ will probably try to extract a better deal.

There may be a bit more in closing the hedge, maybe some room on delaying the payout for the royalty, and a bit more if MacB is motivated enough.

BJ has done the hard yards not to issue shares in the last 12 months, I don't want him to roll over to just make it easy to close off the loan.

If shares are going to be issued, make sure the funds raised are earmarked for a project that will bring value to the company