Ann: Underwritten Rights Issue , page-4

From where did management get the inspiration to do a rights issue precisely at the time when the market does its usual tax loss selling? Did they also not realise that when there is no follow up to previous peak activity (drilling SAL 1) for a year that the share price would dwindle? Now they have trashed the share price to 2c and expect shareholders to be enthusiastic. PAX can't be blamed for the lack of government support for renewables but they could be expected to be perceptive of shareholder feelings and therefore of the timing of fund raisings. Why could this not have been done in Dec/Jan when the SP was 7 - 8c with an issue at ~6c?

Juke