Ann: Share Placement , page-24

Seems to be holding OK, but it would have been decent of mgt to include current shareholders in the CR through a share placement scheme. Its not rocket science.

Management would have been planning its CR for a considerable time, so there was plenty of time to make arrangements.

Although it didn't happen on this occasion, generally the SP drops to take into account the dilutional affect of millions of additional shares on issue, and existing shareholders suffer an opportunity cost or worse if they are geared.

Let's say you're currently holding say only 100,000 shares. If mgt had the forethought to have a 1-for-five SPP at 30c, then you would be $1,600 AND 20,000 shares (minus their purchase price) better off at today's 38c closing. That's more profit and more leverage to future gains. Instead, mgt let their well-healed international investors walk away with the stag...and we get SFA.

Cheers
R