yes, I am very disappointed with the company as it all f a sudden, went from a number of years of "on schedule and budget" announcements to commissioning problems. Yes stuff happens, but there is no lead in with this company. ~50% discount for an equity raise is too rich. About half has been raised, but I can't see the SPP raising much, supposedly looking for $8M, which is not guaranteed by the 2 brokers.. I find find the presentation misleading, their notice only accounts for $8M+2M+8M, where is the other $4M to account for the $22M headline number?. Maybe they raised the other $4M but they haven't said so, and from what I can see the SPP is part of the $22M. I am so unimpressed I can't be bothered further to reread the doco, but I suspect it is wilful non-disclosure. Normally companies say they received X from professional and serious investors and they are looking to raise $X from a SPP. Again, hopefully I am wrong, but there has been too much disappointment, after years of my support through SPP and too much on market purchases.
The debt terms are OK at 4.x%pa, quiet reasonable, IF you have cashflow to fund. I'd want that from operations, not the expensive equity working capital purchased at the expense of current shareholders, effectively halving our invested capital, off an already depressed SP.
Yes the future revenue numbers look good IF they get there. The debt is a big shadow if operations don't get to 80KTPA then 120KTPA on their timeline.
Things need to go to plan now for a management that have already lost credibility, no slip ups. I sold about half today as I guess it will drift to 4c, at least. Hopefully the market value it above the 4cents, which should in turn make raising the $8M probable. I don't like their chances though.
GLTAH, I'm still interested, but it is firmly in the bottom drawer for a couple of years, at best.
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