A message to the directors, page-4

If they get the project financing in place, then I do want more because the project will be significantly de-risked and the discount that analysts (and sensible investors) apply should be significantly reduced accordingly. Financing risk is a significant risk because the cost and extent of dilution is not known, so a large discount is applied. I have several choices: buy following the initial offer announcement when the shares were sold down (done), take up the offer (will do), buy after the issue settles if overextended buyers sell down (will consider, but may not happen, and unlikely to be cheaper than taking up the offer - the less shares that Patterson's gets the better in terms of the extent of the post issue sell down) and buy if/when the project financing is confirmed (not so much because the horse will be off and running, but will consider, depending on the uplift we see if/when it happens).