My understanding of the meeting is that formalities were...

My understanding of the meeting is that formalities were followed,there was no mention of the capital raising of $12.5 being done,that may have happenned in the private discussions afterwards.
I have been punting the market for 54 years and on numerous occaisions I have heard of placements "being done",placements "oversubscibed" and to find out a week later it did not happen!
Blackham were proceeding with an issue but it never happenned.A sharebroking analyst has likenned the Blackham situation to the EGS situation,he may be right or wrong on both counts.Both areas have been graveyards for the previous operators and in the absence of a new discovery I suspect both are going to be hard work and potentially new business for the vultures in the receivership/admininstration business generally located on the coastal sand plain with large boats as part of the toy collection!!