0.026, page-26

Apologies, I self-moderated my previous post as I noticed something, er um, spurious in the logic, whoops :-s ... anyway, my ire is still high with SIs, so, if you would be good enough to indulge me a second time, I rewrote (hopefully more accurately) in order to repost -

the "lower cost" argument does not hold imo

according to GGP's latest quarterly report (announcement 30/4) and cash flow statement the cost of their SPP was 128K (if I am not mistaken). They raised net 3,020K for that cost. At 2.8c our board issued 50M shares at 2.2c to so called sophisticated investors for a cash fee and 15M 3c Dec10 Options to raise 1,100K. What would you price those options at if they were on the market? Using the GGP ratios for their supposedly expensive SPP, then to pick up 1,100K through the CR, those options are priced at about 0.003. I am sure there are a few VILO holders here who would love to do a 3 (or more) for one swap for those (theres 13M there now). That's forgetting the cash fee, and VIL is meant to be an investment company!! That's just plain lazy ... tut tut ... offer, what is a seemingly quite low cost, SPP and work harder ... imo of course.

This is (one of the reasons) why the term "sophisticated investor" annoys me, and by the looks of things other people, so much. It is just a lazy gimme to mates or peers for the sake of social schmoozing and self promotion behind closed doors. Given that they expect us to buy them on market over the next couple of days anyway why not just offer us an SPP and get more money than they needed, to add to working capital? Investment company my synonym-of-donkey!

Lucky they have some gas and condensate then!! Sentiment (for me): Buy!

(all imo, dyor)