DB. Everything you say is well reasoned and I agree with most...

DB. Everything you say is well reasoned and I agree with most except for the real elephant in the room.

Timing of the cap raise!

At what point did our appointed finance team know that WPL were not going to be "JV finance friendly or JV finance unfriendly ".?

This is crucial to understanding whether we have a great team, a good team or a team out of their depth...and by extension not value for money or not in the right job.

There was a long period of a "decent/reasonable" SP after the Samo duster from which to raise from.

If the finance team that was put together in 2017 had an inkling, or even worse, knew that WPL (and I'm not talking about the FPSO here) were an obstacle to a reasonable outcome then why wait for the SP to get to 4c?

The finance team are not idiots. They knew (or should have) that a cap raise was always going to be a part of the mix. In fact it was told to us on numerous occasions. I'm fully aware that you dont shake the can until you can show the crowd that you have put together a reasonable package to support your proposal....but what irks me is that at the end of the day most SIs were relegated to the SPP. Obviously some shareholders were more equal than others. Meaning also that the money was easy to get....but did that mean that 4c was a target??

That stinks and the more I think about it the angrier I get. I'm not getting answers and get the feeling others aren't either. Even Tim our once proud keystone and knowledgeable investor who, not only stumped up at a crucial time but offered to help in ways that only his skillset could provide, looks to have been significantly weakened.

Something is not right and as I said previously it could all be explained away simply....but until it is explained it stands in the room with flabby grey skin and it smells ....tell me I'm wrong. And believe me this is not meant to be a negative rant or even a whinge. The PE cone of silence and even the other forms of silence should all be behind us now and FAR need to now offer more clarity not hide behind the institutionalized registry. That's a refuge for St Georges Terrace shonks.