Ann: Phosphate Fertilizer Project Update, page-180

Any reasons for that opinion? Genuinely interested (and would like to agree with you)

The following factors (in their aggregate) lean me toward assuming that the next upcoming raise will also occur at a large discount: (a) historically, Minbos has always offered v large discounts on equity raises (people in the forum are always shocked when they see the vwap discount), (b) capex raises for resource companies generally always involve substantial discounts to attract investors (except where the company has some special bargaining power) (c) Minbos is not currently in a commanding bargaining position (i.e., running up against a self-imposed deadline with the Angolan finance yet to materialise).