This is a very disappointing raise but if we participate by...

This is a very disappointing raise but if we participate by subscribing for our full entitlement of rights then individualy we do not get diluted.

The strong hint for me is in the Title of the announcement.

"Arrangement" says it all for me.

Management are not Seeking nor Progressing finance. IMO the deal is almost done and they need to arrange/facilitate the paperwork and build up a little more equity on the LPD level to comply with the deal.

I can see a partner to provide the capital to construct the Abu Dhabi processing plant, a partner (maybe concentrator supplier) to provide some capital for Karibib and DFC providing the balance in the form of a low interest loan.

We will not sell the technology and this will lead to another phase 1 plant or straight to a phase 2 plant.

Management have said they will take up their entitlements and subscribe for shortfall shares. This screams to holders to take up their entitlements too.

We are all underwater on our average purchase price and this is the huge opportunity to average down.