Baz, share price is heading south and has been for a while, why?
They lost 50m last year, Nickel prices have gone down over a dollar from that they were realising sales from. Sure they HAD 60m in the bank 31/12, a lot of that is gone now. They also had 60m in capex forecast for the 2012 year. Kitty is empty, so either a capital raising, or refinancing of debt.
No one is going to want to be a creditor that gets repaid after the 400m in debt.
So my conculsion is Blind Freddy can see they need cash. It's my opinion it's a capital raising. If this is the case it is for survival and the price it is done at could be a substantial discount to the 50c on the screen today, oops 49cents now.
Just my opinion
MBN Price at posting:
47.3¢ Sentiment: LT Sell Disclosure: Not Held
