Ann: Becoming a substantial holder, page-6

Hey Wassa, it is interesting to note the rise in the shorts, a similar outcome occurred for GMD when it went head to head with SLR.



I also agree that WGX will be spending a fair bit to finish the acquisition of Karora, with the merged entity sitting on $60m (post all costs), though this assume the almost merged entity does not generate further free cash in the June Q (I believe they will). To be clear, Karora are getting the better part of the deal, but... something had to be offered to outbid RMS....



I don't see any reason for the merged company to need to raise capital, but as you say, those shorting perhaps disagree.

Even with an average quarter ahead, the spot price is around $350 above the received price WGX got last quarter. If they only produce 48,000, that should still see them add $20-25m (aside from what Karora generates).

So far SLR has very much outperformed WGX in the near term, so well done on that front.