Yes, and it could easily go 30% either way immediately on an announcement imho.
I simply can't see management prepared to bring any cornerstone investor in anywhere near current sp. Without "giving" majority ownership of the company to that investor it really wouldn't solve anything.
Rights is also an acceptable risk imho, as long as they don't give 15% of the company away to the insto vultures as a deeply discounted placement like with NPX. Even in that event transfer of wealth from existing holders probably less than 5%.
Imho the main loss you are likely to suffer from buying now is possibly being able to buy cheaper in the ST.
Anyway that is how I rationalise my own risk taking on this one. Bought another 30k yesterday.
EL
FPA Price at posting:
22.4¢ Sentiment: LT Buy Disclosure: Held
