72% uptake, page-12

Very encouraging, there must have been some substantial over- subscriptions offsetting the unders & nils. Good result given what us shareholders have been through in the past couple of years. Well played.
I retreived from somewhere in the murky depths of my brain some Year 10 algebra from 40+ years ago & estimated the placement STM would require to maintain their 23% holding. Assuming the Chinese govt approves the transaction. . .
.

	Column 1	Column 2
0	Current shares on issue	683,439,799
1	Rights issue	85,429,350
2	New shares on issue	768,864,149
3	Est. Shandong placement	25,517,863
4	Est. shares on issue	794,382,012
5	------------------------------	--------------------
6	Shandong current	157,190,000
7	Est. Shandong placement	25,517,863
8	Est. Shandong holding	182,707,863
9	Est. proceeds @7c	$1,786,250

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The cynic in me says that until this occurs STM would have no interest in an imminent rise in the SP. Another consideration is that in mid March STM can acquire a further 3% under creeping acquisition provisions.
Bring on the DFS.