Ann: Borrowing base facility repaid, page-23

KSD

Agree that would be a bad outcome.

However, they cant participate in a Placement if they are on the board without shareholder approval. I don't think non-aligned shareholders would vote for that unless it was done at a premium.

In that case, any issue will be pro rata, potentially underwritten by the parties, but that would at least give us all a look at the deal.

The underwriting could also be an issue as they would be over 20% shareholding s and run foul of the takeover provisions.

These guys will need to sell any CR real hard or have it supporting a clearly positive deal. The only other alternative is to privatize it.

All IMHO. DYOR.

AL