glencore

I feel that this may be an attempt by Glencore to acquire 100% of this Company on the cheap side.

They are extremely business savvy with no conscience and quite frankly no mercy whatsoever.

They lend money to a Company and then take the Company for the loan amount if the Company is in trouble; there are plenty of examples.

If people are dumb enough to have them on their share register they deserve what comes to them.

If the share price goes below the Rights issue price we all know what is going to happen or better still what is not going to happen:

People would not be exercising their rights.

Glencore has underwritten the rights issue

Glencore will then own a significant majority of the Company for $125 million plus change.

Given the fact that the Australian dollar has been at its lowest level in several years they effectively have the Company for $75 million.

Not bad at all.

All I can see is a conflict of interest between glencore's only interest and the shareholders interest.

This is extremely disappointing