t4p, I don't think MPO has enough bargaining power at this stage...

t4p, I don't think MPO has enough bargaining power at this stage to successfully complete a cap raising at 20c.

They need to do the cap raising now or in terms of their cash position, they will be sailing way too close to the wind. I expect the cap raising to take place at around 9c +/- 1c. If I were in their shoes I would be aiming at at least $10m and I would use these funds to really ramp up exploration activities and proving up of reserves.

If MPO management can achieve these steps (and I think they can with the help of Gorman and the BHP boys) then we are likely to see the options exercised as the sp should exceed 10c quite easily before the expiry date.

Then it will be fairly smooth sailing for a while.

The concern I have (legitimate or not) is what will happen in the short term. I hope management get it right and that the sp is not affected too much. In good market conditions I would probably hang around for the ride but I would hardly call these 'good market conditions'.

Good luck to all holders.