entitlements issue

I have to say this announcement is quite disappointing to me and I think the company needs to be more thoughtful about its capital management.

. I fail to understand why they have not sought an underwritten issue. Although higher cost, it provides certainty.
. Why not attach some free options as a sweetener bearing in mind that the options can provide the capacity to raise additional equity in the future without having to go back to the market...plus it would make this offer much more attractive and more certain of success. This is how they have fallen down in the past.
. It appears a broker has been supporting the price over the last few days.
. The discount is large and is not justified by what they say they have found....but the problem is that we shareholders do not know any real details of what the Rayburn discovery means and they have not provided a prospectus....so simply caveat emptor!

I will have to think very carefully before I risk more of my money to buy new equity in something that I do not know enough about.

regards
DF