Interesting reading all this analysis tinged with a lot of...

Interesting reading all this analysis tinged with a lot of frustration, splashes hope and with the top post so far by @Morry pointing out all the questions the announcement raises! As a medium-term holder (~3Y so far) I have to admit I'm a bit stumped as to what to think, other than the price seems horribly low. I don't think anyone really believed there was enough cash to get to finance so the raise itself is hardly a surprise, only the price and timing...

A few quotes from above to synthesize a thought:

(1) Looking at securing positions at AGM...

"Management do not care about pathetic little pip traders that seem to think the whole market is revolved around key board warriors at Hot Copper";

"Vote stacking may be the real reason to thwart any shareholder uprising from the ranks of HC.
Here's one bloc I assume that gets to 32%"

--> Both these statements can't be right! More likely both have an element of correctness though: I'm thinking they don't WANT to care about the small-timers (eg me) and, for better or worse (for us), they want to focus on the bigger picture and this allows them to neglect the sentiment of the rabble.

(2) Looking towards CLC agreement [and subsequent ML]

"What I can’t understand is if they are so close to having the signed CLC agreement (and ML’s), I’m hearing in the next 2 weeks, why not hold off until then and do this at a higher price.

Just stinks of desperation or that they have burned waaay more cash than planned and basically are running out."

I wonder, if CLC are playing hardball, know the cash position and looking at time on their side - this move weakens their position by shoring up cash AND shoring up management - see above - maybe to force them into a final signature? The timing of the placement in such a scenario is a move to force the issue, and the discount is the price paid to purchase that move..

It strikes me that the recent show with the CLC might have been just that, perhaps a mutually beneficial way to buy time rather than indication of actual final terms being agreed upon? Otherwise why the delay since then for signing and why not wait for the signature before making the placement?

PS I'm also waiting for our kiwi friend's NZD 0.02