http://au.news.yahoo.com/thewest/business/a/-/wa/8943976/neptune-...

http://au.news.yahoo.com/thewest/business/a/-/wa/8943976/neptune-to-stumble-over-line-with-raising/

something still smells if they got newbies to hand over cash for this dog. expect great news soon id say - oh sorry old shareholders, you didnt trust me.

bite me NMS. the prospectus gave NOTHING to suggest anything was ever gonna come good.

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Neptune to stumble over line with raising

ADRIAN WATSON, The West Australian March 3, 2011, 6:48 am

The beleaguered Neptune Marine Services' make-or-break equity raising has reached its minimum $60 million target, but only with the aid of new investors.

Neptune's existing 12,000 shareholders baulked at pumping the required cash into the group through a heavily dilutive 3.6-to-one rights issue at 5? a share, which closed Tuesday night. However, sources close to the raising said last night that joint lead managers Patersons Securities and Euroz Securities had since placed the shortfall with clients.

"Certainly they (Neptune) have got a deal," an industry insider said last night, while another confirmed "they have demand in excess of the minimum".

"How much more (than $60 million) I couldn't tell you, but that will get flushed out over a very short period of time," a source said.

The split between existing and new investors was still not known last night.

Neptune could raise up to $80.6 million through the offer.

The successful raising has ended a tumultuous 3 1/2 months for the group. Neptune sacked its acquisitive chief executive Christian Lange in November and embarked on a review that resulted in the company last week booking a $111 million interim loss after hefty asset write-downs.

Neptune will use the proceeds of the raising to clear its debts, mostly owed to National Australia Bank.

Its shares, which last changed hands at 20.5? on November 16, are due to come out of a trading halt on Tuesday.