Ann: Successful Completion of Retail Component of Equity Raise, page-4

34% taken up as part of entitlement with the extra to those who applied for more. Using the 34% as a guide to the views of shareholder trust in the Board, that's about 1/3 who took up their entitlement and trusted the board with more of their cash, to 2/3 who did not. That would be an interesting vote for the Board remuneration report come AGM time.
I agree share price had to go up because the price dropped 35% leading to the latest offer, and the MC is incredibly low. However, June has passed and one would have thought we would have had an announcement that the finance had been finalized and Redpaths were back in the Federation decline. Well?
Anyway that would be step 1 on the road to at least a partial recovery. Step 2 ...an operating profit for the quarter. Step 3.. The Board does something tangible come AGM time to take ownership of its stuff up, and restore at least a modicum of investor trust.
Then at least the bitter pill of the Dragues write down (yes it will be a paper loss, but we paid money for that asset) will result in another annual massive loss. All the while we've had extremely good metal prices and without Dragues we wouldn't have been paying $4 million a quarter off a loan, so it was a time when our cash position should have been soaring. Under those circumstances Redpaths may have been always on the job, Federation would have progressed and it's anyone's guess what the share price could have been. It wouldn't have been 9c. We'd have had at least that in cash backing per share if we still had only 855 million shares on the register.