Hindsight is a wonderful thing @huxster
I would imagine that the board is kicking themselves for not being more aggresive with the previous CR when the SP was up.
I guess at the time they are trying to minimise dilution....but it can bight you if the markets and SP tanks.
Capital intensive projects, management teams in Uganda, Australia and Belfast, and you can burn through cash fairly quickly.
I also think they are hoping some of these deals would have been done already. with some cash coming in the door, but have not eventuated yet.
Add them all together and you can get to a point you have to raise at a tough time, which is far from ideal....
Ann: Notice of General Meeting and Proxy Form, page-64
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