martin place securities valuation, page-6

re: not so bad No doubt its been a dismal few months for this company,and they held off this rights issue as long as practably possible.As for those saying they should have raised funds earlier,they did ie:the $2mil convertable note at 24c in July.They could of got this placement away at 11-12c to the so called sophisticated investors at the expense of existing shareholders(this seems to happen every other day with other companies).Instead they acted with a bit of integrity and have given existing shareholders a shot and then provided a safety net with MPS fully underwriting.Circumstances haven't been kind and the SP reflects that, but the fundementals haven't really changed,thats why MPS are prepared to underwrite.