Rights issue opened today.I've been surprised that the share...

Rights issue opened today.

I've been surprised that the share price recovered yesterday to the offering price after last week having traded at a discount to the offering price, also the buy side depth has increased significantly.

Like the last raising, I expect that a large number of shares will go to the sub-underwriters. The support of large holders and directors is impressive.

In terms of the regulations/legislation side I am thinking we could see these finalised this quarter so quite possibly a funding deal announced soon after. If so this may well be the last CR by KPO.

I note from updates and quarterlies that KPO did not curtail spending on project development, or if they did it was only negligible as cash burn appears to be unabated, which means that when funding does come we would be well down the path of pre-FEED activities so they would be able to move along quickly to FID and construction.

Ellis 1 & 2 were originally slated to be finished in 2028 with Alsike and Gilby in 2030. Given the progress to date I am figuring 2028/29 for Ellis 1 & 2 and no change to Alsike and Gilby.