Lets have a look at how MCO have raised cash in the last 4...

Lets have a look at how MCO have raised cash in the last 4 years.

17th MARCH 2005
Placement of share and option
1,785,572 Shares @ 7 cents
$125,000 raised issued to Martin Place Securities.

18th March 2005
Placement of share and option
7,000,000 shares @ 7 cents
$490,000 raised issued to Martin Place Securities.

11th August 2005
Placement of share and option
7,059,399 shares @ 7 cents
$494,157 raised issue to Mount Conqueror Minerals.

25th October 2005
Placement of share and option
2,500,000 shares @ 10 cents
$250,000 raised issue to BRGM Nominees.

22nd December 2005
Placement of share and option
3,500,000 shares @ 10 cents
$350,000 raised issue to clients of Martin Place Sec.

25th October 2006
Placement of share and option
7,911,012 shares @ 20 cents
$1,582,202 rised issue to sophisticated investor group.
Plus Underwritten agreement of 6,500,000 unlisted options
$975,000

2nd Feb 2007
Pro-rata non renounceable right issue of options
Issue price 1 cent
$496,419 raised after 3,607,387 under subscribed.

11th Jan 2008
Placement of share and option
8,031,330 shares @ 30 cents
$2,409,000 raised issue to sophisticated investors.
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Not once have they had a retail rights issue.

The reason:
MCO total issued capital = 116,629,743 shares
Mr Nicholas Garling = 21,621,306 shares
Mr Max Garling = 8,566,747
M. Bird = 1,435,000

Management own at least 27% of issued shares.
For an example. A right issue offer of 2 for 5 share holding at 12 cents.
Market cap = $18 million
Managements entitlement would be 12,649,221 shares
12 cent share offer = $1,517,906 total(management only)

Max Garling is only on $100,000 p/a, so how is he going to find a large proportion of $1.5 million?

You will see another private placement. In these tough times, it will be hard to find a large investor. Probably another small placement, as in the past.