Ann: Trading Halt, page-50

Many people knew this was coming but it’s curious they’ve chosen to raise without announcing any outcome of Glencore’s DD. Might make more sense to hold out for some news to then be able to do the raise at a very tight discount (if any). Tells me maybe one of two things:

- Glencore’s funding is contingent upon Galan raising to shore up their working capital as foreshadowed by other similar past deals, and/or

- Galan have run the cash balance down so low they have to get this away, even in absence of news, before releasing their cash position to the market on 31/1.

The 23.5% discount to 15-day VWAP suggests the second point more likely than the first. PS: @horizon3 perhaps now you will see my past comments weren’t just fearmongering/downramping etc! Cheers