Ann: High-grade shoots identified at Deacon, page-28

First fifteen minutes cover Bellevue. 6% shorts banking on a capital raise at some kind of decent discount to current SP. Reason to raise capital given as capitalising on current high share price to then pay down debt and/or clear hedge book. Not immediately needed and could possibly squeeze the shorts first as added buying pressure expected from a move into another ETF (didn't catch which) in three months or so. If so and shorts desperately closing then around 130 million shares possibly needing to be bought. Rights issue at the end of this after a move well north of $2 wouldn't bother me too much. Biggest risk sited as the project being a single operation so no room for error. Results from last three months definitely inspiring confidence though!