They needed to raise. Raises are typically done at a discount....

They needed to raise. Raises are typically done at a discount. Could the discount have been smaller? I'm not convinced. But why later.

Since there is an entitlement offer, they've been fair - irrespective of what you or others think of the price - by giving all shareholders including retail a choice to participate (or buy on market).

I'll be following with interest to see if they deliver on ramp up on time and budget.

My view is the price is probably fair because of the risks involved with ramp up. I've followed enough coal ramp ups - and lost enough money - to be cautious. In fact, I'm following one right now that is struggling for equity after raising hundreds of millions in recent years.