Ann: Open Letter to All Shareholders , page-46

I like the structure of the cap raising... similar to the suggestion I posted earlier in this thread, with free options attaching. There was another stock I was in that had a similarly desperate cap raising back in October 2009 - Samson Oil & Gas. They issued shares at 1.2c and gave away free options. Those options eventually hit 20c, albeit I sold out before that, but nonetheless I made a lot of money. GGP smells a bit like Samson three years ago. I will take up my entitlement, and I like the two year expiry of the options because it can take time to (a) hit the black gold in a meaningful way, and then (b) the market to recognise true value. Yes, I know Samson is now back down at 4c, but surely everyone who bought cheap will have at least sold part of their holding for mega-profits.

One thing I won't do is apply for more than my entitlement, if they offer that. Based on the last two cap raisings, its like giving Novus a free option - in the money and they take the shortfall, out of the money and they dump it on existing shareholders that applied for extras. Thats ethically bankrupt and is something ASIC should be onto!