Personally I was very happy that the MOYOBs did not get converted at 3c per share. I prefer the debt (which will easily be paid off over the next couple of years with current cash flow) instead of diluting the shares.
It was surprising, though, that nobody wanted to get a good chunk of the company at 3c. I don't understand that. But then I don't understand why nobody seems to be buying at 2.6c either :-)
Maybe investors forget about the hedging of 94,100 ounces at an average forward delivery price of AUD$1673 over the first 3 years of operation + the available tax credits.
MOY Price at posting:
57.2¢ Sentiment: Buy Disclosure: Held
