Ann: Notice of Annual General Meeting, page-51

Thanks for joining the thread @Tragik

Your correct that under normal circumstances a lender would need to see security and this would be no different. Most lenders would expect the company to raise a percentage of capex before loaning them the rest, usually 15%. Fortunately Triton have Jinan providing 40% of capex so that will give 'China Merchant Bank ' all the security they need.

All signs are that Triton will be looking to keep minimum amount of shares on issue. So much so that they chose to except a non-secured bridging loan of $2m from Jinan in the interim between FIRB approving Jinans 34% stake and the company recieving $8m in working capital derived from that 34% aquisition by Jinan.

Generating capital via CR is a useful tool but it needs to be used strategically and sparingly, it is more often a companies tool at the end of the market where debt is not on offer due to the company's risk. Triton would not want to raise capital at these prices unless absolutely unavoidable.

My main point is your unlikely to see a CR before financing that allows you a window of participation at a reduced price to the current share price. You said yourself and capacity for a placement would probably go to a sophisticated institute which would mean once again there would be no chance for participation at a reduced price as the sp would have no reason to retreat to below a CR price if ordinary shareholders are not able to participate by selling on market and taking up their entitlement.

I would be making my investment decisions on Triton on the provisions that financing will arrive shortly with no CR or new equity on offer based on all the information you have available to assist you in that decision otherwise you may be left dissapointed.

That's just my opinion based on what the messaging and information available is telling me. Goodluck with your decision either way.