cash raising, page-31

Hi markob

It doesnt concern me that the company needs to raise some capital, I saw it as inevitable, and also not for the last time before EP413 is coomercilaised if successful. What concerns me is the timing, formthe following two reasons:

1. Issuing a CR now when the SP has not benefited from appreciation due to commencement/progress of frac, thereby diluting the company more than necessary, especially since they appear to have the cash to wait another couple of months

2. Issuing it tye day before the weekend of the greek elections, which could send the market into a tailspin, and NWE's SP below 5c, which will leave the SPP undersubscribed and therefore not even achieve the cap raising it needs. This would be a disaster.

The main positive imo is that the company is raising capital in the form of an SPP, which acknowledges the commitment of current shareholders, so management is trying to do the right thing (even if in a hamfisted way).

Let's hope the greeks dont spoil the party.

Cheers, Sharks.