As GCar has mentioned it was an estimate of additional shares issued around funding, an analysts report was posted this morning and they assumed an additional 100m shares, I have an additional 200m.
JZ doesn't like dilution any more than you and I, so whatever it turns out to be would be kept to a minimum , it really boils down to tradeoffs and risk profile etc but IMO another 200m shares at around current prices ( ideally more) plus existing cash and earnings from our share of the 2,000tpa plant would almost guarantee starting the 12,000tpa plant effectively debt free and possibly have cash in hand. That would be a nice place to be when contemplating expanding to 25,000 tpa which would require considerable amount of spending.
Its probably safe to say that JZ won't be factoring in current spot prices in AUD's into calculations regarding funding requirements over the next two years and will be more conservative. Its always preferable to be surprised to the upside...
An additional 200m shares on issue amounts to 15% dilution , that for me would be a perfectly acceptable outcome and put the company in a very strong financial position IMO...as always we will eventually find out..
Cheers Whisky
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