respect to you her doktor. When the CR comes out its normally...

respect to you her doktor. When the CR comes out its normally 10-20% less the current SP and if there are many of these over the next 5 years at SIR then the LTH get diluted in exchange for cash - the exact opposite of share buybacks. As SIR has no operating mine or infrastructure and a debt expected at $500M at least being higher than MBN which went under with low Nickel spot price then more CR are needed. If they could fund the lot with CR and cash to match MCR or POS with low debt then that would be better but LTH will not like this and SP may drop for the better of the company LVR ratio, it may be the bitter pill SIR will have to swallow next few years.

While i sit here with SIR not trading i wonder how many times CR will be called for, maybe once per year for next 5 years, lets say they get another $200M cash from CR and keep debt down to $1B only by 2017 and lets hope that NI price goes to $10 as stated by you referring to citibank projections then SIR SP surely still strong once the income starts arriving in 2017 in 3 years time.