Keeping the 7.1A is a no-brainer. If the SPP doesn't raise the amount required to get the remaining project finance in place then we need a fallback and that is clearly what the SPP underwriting and the top up facility are for. Without them the whole project financing could fall in a heap (or cost a lot more) and where would the SP be then? The SPP is not capped at $3M because the directors have the discretion to accept overs, so the full raise can at least potentially come from SH if they are up for it. If they're not, then the SPP underwriting and the top up facility will fill the gap.
The risk is whether this capital raise will be sufficient to put the remaining project finance in place. My hope here is that management are confident that it will and have structured the raise accordingly.
My other hope is that management will give as much as possible of this raise to SH and will only resort to the top up facility for any required balance. I will be very disappointed if they scale back the SPP and then activate the top up facility to make up the balance.
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