Ann: Non-Renounceable Rights Issue , page-2

some would think fairly priced at 5c..... i chickened out long ago at 18's.... cash per share currently is poor (I figure 3c/share + a small share of Maricopa flowing in mostly offset by Admin and US royalties), oil price is at recent lows, the rights issue will see 5% out the door on broker fees alone...... I was thinking about going on the bid at 4c but then thought I might get hit for too many that I really don't want....

Personally I'd sell at the 5's now on offer coz cum ex rights the bids will be at 4's, then 3's as they spend the money on Admin and issue costs. In a bull market the 5c would probably be a floor, now the 5c will probably be a ceiling!!!!!!!

If these guys were serious about doing an efficient fair capital raising to promote medium to long term growth (not short term speculation keeping the issued shares to a minimum and trying to maintain the SP) it would be a 1share for more (3?) rights max at 3cents to boost current cash levels, this would also provide the incentive to participate rather than let them lapse, this is not underwritten!!!!!!! and it would be for less than the maximum 5% than brokers are allowed by ASIC, I'm thinking 1-2% is fairer

Any shortfall CAN only be filled at the directors absolute discretion if they CAN do so, they may not be able to!!!

I argue "discount" as SEY would probably be trading at 3-4cents in 2 weeks time as the share price continues to decline towards the fair value at that level(my opinion).

There are no underwriters to this rights issue, any void will only be filled if it suits the directors 'mates' with them having that decision in 2-3 weeks time as to whether to fill any shortfall! just like the failed private placement recently at 20c..... When the SP went up the 1st 20c PP went through, when the SP went down they pulled the plug. Smells incestual, I'll wait and go on the bid at 2-3cents and try and pick up some from the unlucky holders who cough up their dough at 5c.

Of course this is my opinion only so do your own research plz.

My sentiment is LT sell to Medium Term Sell, buying at 2-3.5c's but only small parcels for me with this one, I don't need to compete for the petty stock, it will come to me (or anyone willing to buy in 2 months)