Ok, so here's my thoughts. One of the things that has niggled me...

Ok, so here's my thoughts.
One of the things that has niggled me for a long time has been the Bell Potter report that valued HHR at 7c, well below other research documents. Bur the main reason for that was that they anticipated a further capital raising of $20 mill at a 10% discount to the price, which at the time of writing was about 2.2c. So, in other words, they anticipated a further 1 billion shares being issued, which would be dilutionary to existing holders.
My suspicion is that the funds sold down from the previous placement because they expected to get reset at 2c, using the thinly veiled excuse that the company would struggle to raise the required finance.

I agree with Access2000 that a further CR is unlikely, for the following reasons: 1) management are heavily co invested in the equity of this company and they would want to avoid dilution. 2) Funding is not as hard as many have made out. Indeed, we've just see 2 mergers in the O&G space in the last 2 months (Hess bought by Chevron for $53bn US and Exxon buying Pioneer for $60bn US). These huge mergers have signaled a floor price for BOE which will provide ample market data for funders to use when running their numbers. 3) When weighing up the cost of equity vs debt, debt is over twice as valuable as equity right now, making it very attractive. (Debt you can repay over time, whereas equity is for keeps).

I will be interested to see what the news is, but if, as we hope, there isn't a further CR, then Bells will have to sharpen their pencil