Ann: AGM 2011 Presentation , page-19

Have to agree that the capital raising is difficult to understand after the loans from Paribas/Westpac was secured. I can only assume that the bank put pressure on the IGR board due to perceptions over IGR ability to keep up loan repayments. Maybe a sentiment along the lines I have just picked up from the SLR thread is was what caused the large "against" vote for the renumeration report and the issue of share options for Plyley.

From SLR thread:

"I can't count the number of times where management of other junior miners that I've held have resorted to slashing the share price by 30% or more to complete cap raisings. Often there has been the suspected mates deal to "sophisticated investors" at serious discounts and, just to rub salt into the wound, a juicy underwriters fee for the "difficult and risky" task of underwriting what are clearly good shares being given away at ridiculously low prices. And then, if that wasn't enough for the poor long term holders, just to see the same shares dumped back onto the open market putting an effective cap about 10% above the low raising price .."