Yep, I said it at the time of the last CR, this company ARU, is...

Yep, I said it at the time of the last CR, this company ARU, is at amature enough stage in its corporate life, to have had anon-renounceable entitlement offer to raise a whacking amount ofmoney. In fact, I thought that the last SPP in Dec. should have beenpulled, when they realised the over sub rate was that high (x3+ ofwhat they were so-called after) and a 1 new share for every 5existing share entitlement offer should have been announced (at$0.37), with Top-Up facility offered (for those who didn't take uptheir entitlement) to those who could put in more at the time.

YesI know, in hindsight, I am better off buying on market right now(than contributing at 0.37), however I would prefer that our companyhas the funds to get this construction happening NOW, rather than beat the beck and call of Financiers/vagaries of CR/finance markets.Of course I would have excluded GR/HP, and other BEOT who subscribedin the early Dec raise, from an entitlement issue, so the totalraise would have been around the $40-50mil mark rather than the$20mil raised in the SPP.

Mygut feel is that the SP is being suppressed for funding/financing/CRreasons. It will be no surprise to me that WHEN final bindingofftakes along with signed/binding foreign ECA funding is announced,there will be an Equity component to all that funding that will bepriced around the current SP ie a portion of the debt will beconvertible to shares in ARU at a pre-agreed to price (usually the SParound the time of the deal ie current price around 30-33c) Ofcourse, for us SH, we need our management to be as astute as possiblein getting us/the owners, the best deal possible (least dilution)whilst still getting the funding done. It is not an easy task/job. Myhope is that they can negotiate the absolute minimum amount offunding is to convert to equity, hopefully under $200mil ie 600milnew shares converting some time in the next 3-5 years. Of course evenbetter would be a conversion factor that is based on a future SP atthe time of conversion (which should be higher than today’s SP)

All IMVHO, DYOR (cause I have), GLTA(patient)LTH "Build it they (even Musk) will come for more"

LTH >1.0 <5.0mil sh