it’s good to see healthy discussion here. Just a few positive angles to consider:
1.On Ghana’s defence delay – while it’s true they haven’t filed yet, the lack of early pushback might suggest CMD’s claim isn’t being dismissed out of hand. In fact, Ghana taking time could indicate they’re taking it seriously — possibly even opening the door for a negotiated outcome. Either way, CMD’s legal team seems prepared and confident, which says a lot.
2.Funding – yes, CMD has used its current placement capacity, but the board has signaled they’re exploring non-dilutive options (like litigation funding or loans). If secured well, that protects all shareholders — especially retail — from dilution and keeps the pressure on Ghana without hurting the share register. A loan could be even structured with the backing from the top 20 investors.
3.Top 20 holders – these guys usually play the long game. If they’re holding and backing the board, that’s a strong vote of confidence. They’re not chasing the daily SP; they’re in it for the endgame — and that could be a sizeable one if CMD wins or settles.
4.SP benefit – you’re spot on: a healthier SP helps those who want an exit, but it also helps CMD negotiate better funding terms and keeps momentum going. It adds optionality, which is always good.
It’s a complex play, but for those who believe in the claim and the board’s discipline, CMD is still very much alive with potential. Respect for raising the hard questions though — that’s what keeps us sharp.
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