some history on minara rights pricing, page-11

Thanks WakeUp

Unlike the minority shareholders, there is no real downside risk for Glencore.

The absolutely worst case scenario for Glencore is that they take out the minorities and mothball the plant until prices recover.

Glencore were definitely nickel bulls hence their decision to continue with significant capital expenditure at a time when they should have been holding more cash on any risk scenario.

Glencore did not anticipate the fall in nickel prices and the rise in sulphur prices.

As I not unreasonably followed their rationale, I (along with the rest of the shareholders) are now having to fork out on a necessary rights issue.

Cheers Eos