for me there are several unknowns at this stage that need to be...

for me there are several unknowns at this stage that need to be addressed:

1. why the big raising given there were banking facilities in place? this will be no doubt linked to asset writedowns related to construction and potential breach of banking covenants (obviously this is negative); what price will the secondary shares be issued at? (critical)

2. sale of construction to LEI...what price? a good price should be viewed as positive as exiting a business losing money should be viewed positively

3. Christmas Creek contract? what is going on here? confirmation would be viewed positively IMO with the new focus on mining and the hugely material size of the contract

4. if 2 is to happen why do we need to raise substantial cash? if it is to fund Christmas Creek i will view it positively if to reduce debt negatively

my preferred scenario is a sale of constructions to LEI for a solid price, reduced raising at an acceptable discount 24-25c to fund rapid growth in mining based on the official award of Christmas Creek

i hold a sizeable parcel in MAH so i'm relatively anxious to see what unfolds...the size of the alleged raising caught me by surprise though i admit