Ann: Information For Retail Shareholders, page-185

In thinking about this larger than expected CR a bit further - I think MSB may have gone this big as an insurance policy against the next one to two years of most likely softer economic conditions while also trying to cash in on the positive run up in the general sharemarket/economic sentiment right at present.

While the general sharemarket has gone on a Santa rally of late, a lot of economists are predicting a mild to medium recession conditions globally next year and the question will be how long does that hang around for and and impact on global economies as well as financiers/instos handing out money.

I think MSB are just going the whole hog and borrow what they can to cover the next two years plan before a softer market next year where the SP could just keep going lower and financiers/insto just pull back a lot of their money for funding any bulk CR’s. Looking down the barrel of a CR late next year at .15 cents would be even less fun as well as not being able to raise funds in a recession.

I still don’t like this CR dilution but also know money needs to come from somewhere to get through this absolute rubbish 3rd go at approval. I still wish some insurance of CR was taken out at $1.10 or so but who would have thought this all could happen.

Food for thought that there is some insurance being taken out now by MSB for the next two years even though later than I would have liked.