that 2% royalty equates to a significant amount of value in the...

that 2% royalty equates to a significant amount of value in the long term. If we take an NPV view this is 2% if 700M US NPV or 20m aud.

Todays drop we lost around 20m in market cap but also introduced 20m into the business (the 30m less the 10m payment for royalty)

The drop therefore is net neutral IF you are able to dilute your holdings to the same extent at the issue price which i believe is feasible for most (20% of your holding)

What is not reflected then is the value of the 2% we just gained - we should be no change today if it was factored
The value of taking out the funding uncertainty - We dropped from 15c due to this
and the value of funding the remaining pre-construction steps. - same as above

A few short-termers are obviusly disappointed but if your unhappy with a 20% drop, why didnt you sell when it rose 20%? Answer being your obviously a long-term investor

As a long-termer, isn't this value add to the long term investment? we saved 2%! and we are given the same offer.. Its a win if you get into the SPP