NP, SB. It's all good.Incidentally, I was mucking around on the...

NP, SB. It's all good.

Incidentally, I was mucking around on the good ol' 17B II a little earlier in figuring out just how much CR headroom the Board currently has without needing SH consent.

By my calcs it comes to ~210m new shares that can be issued between now and EOFY without SH approval. (Calcs: 15% of this FY's opening bal SOI (~3,404m) = 510m total annual avail headroom. Subtract 300m issued during last Aug"s placement = ~210m current avail headroom.)

So, assuming a suitably discounted offer price of, say, 0.4 - 0.5c results in gross proceeds in the order of ~$850k to ~$1M -- assuming the window will be open.

It ain't much and it highlights why a firesale of assets is v.likely underway. To that end, I do wonder how much of yesterday's Windarra ann. was about 'juicing-up' the asset, if you could call it that, as part of a marketing process. That's in addition to the pre-raising story. Just a thought. Either way, it's a tough sell atm.

I should prolly also add that the Board could always make a conditional placement for a larger raising (and associated larger new share issuance), subject to SH approval at an EGM held prior to EOFY. That wouldn't be pretty, though, with plenty of scope for SHs to ask why they should ratify without the Board justifying why the overhead structure remains so relatively high.