ann out, page-20

Kezza your question on an sp fall under cr has been pretty well answered. I think similar to Sor2011 on this matter.

Much will depend on the rationale for the cr as to how the sp performs short term.

These cr take some planning so it would have been iniated prior to the GOC presentation and the BRR interview. It would appear this cr is for the further development of Paloma given KC's recent comments. The cr may also be a part of a larger fund raising that involves other instruments such as debt and farm down (also mentioned in the BRR interview).

As much as I don't like the dilution effect of a cr at least we have timing on our side given the market is in good shape unlike the timing of the previous cr.

For now its a case of patience until both the announcement is made and results for the testing of the two lower zones in PD-2 are known.