Ann: Equity raising to finance Sangomar Phase 1 Presentation, page-130

Hi Rolla, it's an extended self inflicted pain as they decided to include 30 million spp in the mix. This will effectively cap the SP until it is done. As there is now SP pressure it will probably make the spp raise a failure as people can buy now cheaper than the offer and its guaranteed yours with no approval required. I'm not a fan of the spp but know why they did it. To deflect criticism that existing holders don't get the same opportunity (but imo they would have been better off getting the extra 30 million from the sophisticated investors)

For those waiting for the spp offer, you're better off buying now (unless waiting on PE arbitration) . Those participating in spp probably don't get a vote for their purchase (but not sure). Others vote on your fate imo. The pe question is the unknown. Failure means prices will be lower for a while, success and prices will be higher (not rocket science)

Only other value increasing events will be Gambia drill. So probably worth going to sleep until something interesting happens.