Also keep in mind that 33% expansion is costing ~$50M - almost 1/3rd of our current market cap.
Economies of scale here don't make sense...
Perhaps it would have been best to plug along at 100ktpa for a cpl of 4C, sort out teething issues, ensure production can be consistent, put some figures on the books - even if it wasn't super profitable.... that would have de-risked the expansion, made raising much easier - likely at a higher s/p I might add - we may have even had instos looking at us to participate and become strong handed cornerstones.
At present we aren't de-risked enough or proven cash flows for instos to want in, so this raise will be done on the cheap and may end up being flipped, placing pressure on s/p for months to come.
Personally, I would have preferred they delayed the expansion 6 months. They may have even found cost savings along the way, perhaps even be able to partially fund it with profits.
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