boppy, good point about the timing. If you look at the Half...

boppy, good point about the timing. If you look at the Half Yearly report and do some sums, you'll see that we do need the cash at the corporate level. Not sure how desperate the situation is tho'. The timing of this placement does cast doubts on the $30m cap raising, however, if the cap raising is progressing smoothly, your theory on buying the goodwill of the placement holders makes the most sense to me.

La Jolla would be a fly in the ointment from my point of view too. But they have more than one Modus Operandi. Companies that have the poor sense to sell them convertible notes usually end up dying the death of a thousand 3B cuts. Also, as we all know very well, they are fully prepared to sell down shares if they are lucky enough to get them at a significant discount. That said, there is no way they could do that with 100m shares. The market would not come to that party. The only way to offload 100m shares is to either "pump and dump" or "accumulate and distribute". If La Jolla are our benefactors, I wouldn't be happy, but I would be expecting a P&D, so I would plan to exit at some point. As I've said before, however, it is possible that the fundies could take over from an "accumulate and distribute".