At least a couple of people look at the real picture....agree...

At least a couple of people look at the real picture....agree wholeheartedly Tinhopper. IMO There must be some concern that if commissioning of phase 2 doesnt happen on timely basis the additional option kicker would not materialise(option expiry dec16) so in addition to the needed working capital this CR gives a further extended lifeline to a select few! at a heavily discounted price, so IMO not such a great result for existing holders unless your top 20. I would also be amazed if there was a clsuse with magna that gave NSL a retrospective get out option on the royalities.