Ann: GNX Launches $90M Underwritten Raising for Kidston Hydro, page-8

Short term pain for a long term gain I guess. It's probably the largest dilution I have ever seen to date (proportion to the market cap) and I assume the market won't love this that much and the sp could crash to the low 20's once we are back to normal trading. However, it seems that the investment ($802m) on the K2 Hydro project can pay off within 18-20 years and with an expected liftime of 80 years, there will be plenty of residual value on the plant after 30 years ($250m).

I will quite possibly take up my retail offer as the numbers (so far) look ok to me.