Agree with sycophant. If you take at face value that the...

Agree with sycophant.

If you take at face value that the decision to raise capital wasn't made until Tuesday evening then let's consider possible actions and outcomes from Monday.

The Monday announcement simply said they are "evaluating options". In that sense it was nothing new as I'd posted after the AGM that it was evident they were open to considering additional funding.

Keep in mind the Monday announcement was also posted in response to speculation and apparently a possible leak as to the terms of the CR, according to the AFR.

Suppose they had gone into a trading halt as a lot of folks seem to think they should have done.

Scenario A: they announce the CR 2 days later as has happened.

Everyone would say they did the Right Thing.

Scenario B: for whatever reason no CR is agreed to and the trading halt is simply lifted.

This was a real possibility as unless you believe they are outright lying about the decision to undertake the CR on Tuesday night it was never a sure thing.

In this case the company will have gone into a trading halt and shareholders would have expected some sort of CR announcement but none would come.

NEA would resume trading and you'd all be questioning why no CR occurred after they went into a trading halt and whether that implies a severe lack of investment interest.

What would happen to the share price in that case?

I think as with any post hoc analysis you need to consider what information was available at the time and not simply decide whether a decision was right/wrong based on the eventual outcome which is unknown at the time of the decision.

FWIW I think the arrangement is sensible. The price is good, the majority of funding is secured and small shareholders have the opportunity to participate. Keep in mind that for the past year we've been as low as 32.5c and largely traded around 40-50c.

Based on what I saw at the AGM I'm comfortable that Newman and team know what they're doing.