If I had to guess I'd say they screwed up the Mt Carlton sale terms. Seems EVN pulled out a lot or gold(comparing Dec Qtr to Mar Qtr) just prior to the hand over and the balancing payment of $11M caught them out. Seems there should possibly have been a corresponding change to the purch price - did the final negotiation drag on longer than expected? $11M pmt to EVN v Similar to raise amount. The reason given, to accelerate drilling, to my mind is just an poor attempt to redirect attention from the trouble they've made for themselves. Nobody would raise in the current market unless absolutely necessary - finances must be really tight.
NML Price at posting:
6.7¢ Sentiment: Sell Disclosure: Not Held
