@SkiFan - that's the way I understand it. I could be wrong, and...

@SkiFan - that's the way I understand it. I could be wrong, and happy to be corrected.

One theory I've espoused is there's been a deliberate manipulation of the SP, to make it more attractive to larger investors.

If our SP were at 15c for example, that's much better for existing holders. The dilution would then be a lot less.

Rough numbers: $350m / 15c = 2.33bn more shares added. c 1/3 dilution.

In simple terms, that means new investors will get a lot fewer shares for their investment, and the project won't be such an attractive investment.

It's either a deliberate strategy by Management, or the SP is simply reflective of a common feeling that this project has been poorly managed timewise, dragged on, and faith somewhat lost in the Board.

Management should do the right thing by long-term holders, and try to get the SP up as much as possible before finance is arranged. The flip side of that though, is we may not be able to get the equity finance under those terms.

I still feel we've been rather let down these last few years, and almost treated with contempt. That doesn't sit well with me at all.