Ann: Share issue - Placement and Institutional Entitlement Offer, page-8

Nor am I rubbishing Kenmare, just stating the reasons why it doesn't excite me. No need to get up on your high horse. I don't think anyone would argue that it's caused much wealth destruction for long term holders (i.e. pre 2016), and it's past annual income statements attest to marginal cost of production. But it's on the improve with increasing mineral sands prices combined with their production volumes (particularly zircon). It should do well in a rising market - I just think Base is a better company and better value at the current market caps.