I don't believe a cap raise for stage 2 will be difficult either.
My feeling is that Milan and the boards desire to undertake a London listing is because they have caught wind they will get support from these markets.
What MAY BE DIFFICULT though is WMC's ability to raise the cash without burning long time holders with an abundance of issued capital at well below market value.
We should be waiting for our SP to re-rate before even contemplating stage 2. Why advertise this so early to the market?? We haven't even released the DFS yet.
Now that the board are inadvertantly telling the market look out we are coming for more cash in 2022, who thinks our majors are going to allow this SP to run?? If there is one thing about instos they don't like to pay fair market value for equity, it's always done at a discount and with our end of the ASX it's generally done at liquidators prices where we are currently trading.
A CR for stage 2 will benefit our instos who will support at the right price and realise huge upside. For the mum and dad in the register who can't participate in the highly dilutive activity because we have already supported the company to the hill and back we will get an absolute smashing.
The best option for existing holders and long term holders in the short term would be a T/O from another insto before stage 2 who has the cash to go at it alone without the dilution we would be subjected to face.
