Chart, page-2163

Jimel - IMO the sellers are pricing in a significant cap raise before Xmas. By then net cash will probably be about $60 million which is not enough to cover P3, let alone all of the other stuff. A small cap raise, say $10-$15 mil. may already be built into the current $1.87 SP but a $40m-$50m cap raise would be another kettle of fish altogether, particularly as the Instos could be demanding a 20% discount to VWAP. VERY hard to estimate, but further SP weakness seems likely based on what we know at this point. Best buying op could be when cap raise announced, so I am prepared to wait for that.. Maybe somebody else has a better crystal ball.