re: capital raising at discount nc Well well another dig at the...

re: capital raising at discount nc Well well another dig at the poor old shareholders and we get the opportunity to give them more money at an inflated share price. All seems to make sense of the recent trading activity. The 7.5% discount amounts to a full 0.5 cent discount (roughly). If you subscribe for $5000 worth of this rubbish you effectively end up with $375 of benefit assuming the share price holds.

Another great corporate play by PRR management. They couldn't even get their act topgether to do this leading up to the release of the PIIa results when the share price was higher. Having fleeced the market via the Southern Cross raising at 14 cents they are having another go at us. I am simply disgusted with their performance.

I for one will ensure that the share price never gets close to 12 cents so that these latest free options will never be in the money together with the management hand-out of options during the last AGM.

Why didn't the management concentrate on getting the existing options (those that the shareholders received for free but basically paid 14 cents for) into the money by focusing on share price performance and not science.

Rubbish management, rubbish management of shareholder funds and its basically a company slowly going under.

Eugene - your lack of leadership is appalling. You provide nothing but excuses and it is time you held the CEO accountable. PRR has failed as a publicly listed company. You are now into penny pinching and begging the market for a few additional funds. You have begged every fund manager to buy PRR with no luck, you have asked the key shareholders to support you and we have, but.... you and your management have not met your side of the bargain.

I'll remind you what you are there for.... TO GROW SHAREHOLDER VALUE. Your CEO has failed year after year after year to achieve this yet you keep him at the helm. You owe us an explanation as to why you maintain this strategy.

Oh and by the way.. you can jam you $5000 SPP right up where the sun does not shine. I encourage every shareholder not to take up SPP. Leave the underwriter to stump up $1 mill and at least you'll see the underwriter protect the shareprice and his investment for a while. No doubt he'll be exiting at 8-9 cents though, will pocket his 5% fee and have 3 million options in his hand.

We will end up with another overhang of 14 million shares that the underwriter will be trying to get onto the market at 8-9 cents. But Eugene is probably saying they won't dump their share (why not Southern Cross did !)

All in all for $1 million it a really rubbish decision by PRR management - again.