Ann: Proposed issue of securities - CXO, page-11

I know it sucks. But I'm not sure there's much they could've done. The company made a decision to raise funds by insto placement and then we got smashed and they have to discount based on the prevailing SP. Clearly word had already gotten out. Imagine the decision to hold off on the CR and then the bottom falls out even more so on continued speculation (and a shite macro picture) and then we come back with our hands out at an even lower price. IMO that's just not how you do business.

The board's mandate is the long term SP and finanical success/security of the business. They have to look long term. And to them, a 5% raise now is nothing. But without the $100m, a delay in operations or outcomes would cost the business so much more. And like I said, there's never a guarantee the SP recovers in the short term. So they may have ended up raising for less, later, and suffering delays to the project. Absolute worst case and not a risk worth taking. This way, we know we can stick to program and go mining on time. What else could be more important than that? Our daily portfolio fluctuations? Thankfully not. These guys know exactly what they have and what they're doing with it. It shoud actually give us confidence to know that they're not concerned about these fluctuations, because they understand that in the end the $100m is absolute petty cash and the $1.03 SP will be a blip on the radar.

That's why they call them 'executive decisions'. They're made at a holistic level that has to prioritise long term over short term pretty much every time. All CR's suck for holders. At 30 cents most people here called BS and look where that got us.

If you're a LTH, then all is well IMO.