Ann: Change in substantial holding, page-8

Hi Bella

I only recall commenting on one company's outcome of their CR, where they struggled to raise 50% of the funds they required, You would have been surprised the life-saving CR took 3 months to secure the minimum amount.

MRC CR had very little time for investors to participate in the entitlement offer. 3 weeks by memory.
Out of all of the items MRC intended to raise funds for. the only critical ones were paying out the debts, increasing the working capital and purchasing the additional 10% state in the graphite mine,

All other items are not critical, why dilute shareholders by nearly 50% to fund the third PCP that can wait until they have fixed the issues with the inland strands, expansion of capacity at Skaland, or buying additional inventory items?

My personal view. fix the issues, get the company back in profit, this will result in the SP increasing, at this point they can raise the funds if they wanted to speed up production at Tormin and Skaland.

Wouldn't you agree?