Ann: Completion of institutional Component of Entitlement Offer, page-62

I’m trying to look at this from another perspective given all the discussion around CE and Gina “dodgily” using obscure sections of the law to allow cheap shareholding increases while avoiding the mandatory TO provisions etc etc. Maybe they and the board see a good 12+ months of soft lithium markets and hence took the opportunity to get cash now rather than later if the market is going to struggle in that time. Now what has actually been accomplished by them (and other instos) putting in >$40m so far and allowing the retail shareholders to add some more? Sure they’ve increased their hold. But they’ve also invested that money to be spent by the company in drilling out a much bigger resource, fast track production at Mt Ida and leave some extra for corporate activity. Yes Gina et al ha ve bought cheap, good on them, but they’ve also put their money to work via DLI and also to work for the rest of us. They can’t take over the company with Warratah and Idemitsu holding around 30% and the majority of retails holding firm unless they make everyone an offer they can’t refuse. In the mean time they’ve given us $40+m to go drill and make our company more valuable.