Ann: Santos completes Institutional Entitlement Offer, page-53

nothing wrong with your calculations

the myth those boards go by is that 'investors' share same long term holding period as the funds invested - ie 20+ years

its indefensible gibberish - if you accept the idea then boards arnet accountable for any performance at all.

with so many pre-cursors in iron, ore, coal, and copper during the prior 2 years, STO board and management have been absolutely derelict in their duty by not raising capital when Credit Suisse first started calling for it - if not before.

there is no way anyone who saw the market mechanics around fmg debt in 2014 could have been as useless as the former ceo and current chair.

have a look at the blog posts - dozens of fairly shrewd investors calling for it beween $7-8

so to put their head in the sand, then push off a takeover, only to then dilute shareholders massively

the most utterly incompetent carriage of fiduciary duty outside of rio/bhp managements iron ore expansions in past 2 years