I expect an extreme ugly dilution for the recapitalization in...

I expect an extreme ugly dilution for the recapitalization in the range of at least 5-6B new shares consting of around 2B as Cap raise from existing shareholders and around 4B debt to equity swap, all at a price point of about 0.02AUD.

WIth that the Senior lenders take control and increase their stake to at least 65-70%. From then on, I expect the SP to raise again.

For Tiger this will bring 40M AUD to invest in the LOM (cobalt option) and reduce the bank overdrafts. The Equity Swap will cover the capitalized interest, so that Tiger will hopefully about 170M of debt after his recapitalization.

So all who believe in a future should set some money aside. For those who don't, I assume the cap raise will be underwritten and the Senior lender will

take up those entitlements.