announcement out , page-70

Not sure if you guys can understand what pp is saying, but I certainly cannot. I hope this clears up the financing a bit.

Capex has been estimated at 1.3 billion which NMDC have said will come from 70% debt and 30% equity. That means Legacy will need to raise $390 million in equity of which 50% will likely come from NMDC who will not want to dilute their holding. This leaves $195 which will need to be raised by Legacy and current holders. This represents 82 cents per share on issue and while I agree that this will not occur at the current price it will still result in significant dilution for holders. I still think Legacy represents fantastic value even though we will likely get diluted down to a third of our holding if the price gets to 40 cents before a rights issue or capital raising in order to get Mt Bevan to production.