from the horse's mouth, page-18

C'mon Empire, fair go.

It is hardly 'mindless speculation'. That is offensive. Even a respected figure like Charlie Aitken suggested HGO was a takeover target. I am not alone.

What sort of evidence do you expect me to produce? Predators tend not to broadcast their intentions on Twitter before they act. And with an open register, there is no need to broadcast your intentions by accumulating a stake on the market, and in so doing push the price up. Just sit back and let a weak market and exiting institutions do the work of pushing the price down. Despite a trip to Europe, DS has been unable to drum up any new buyers for HGO.

HGO is a potential target, that's all. Because the share price is very low, way below the financing level of 25 cents (isn't it?), because the register is open and doesn't have a blocking stake like SFR has (isn't it?) and because many shareholders have had negative returns on HGO for many years (true).

Whether something happens or not does not prove or disprove anything. Just that HGO is vulnerable for the above reasons.

As for my use of the words 'capital raising' - that means exactly what it says, 'raising capital'. That can be via an extension to the debt finance, or non-core asset sales negotiated with financiers. It doesn't mean 'equity raising' or discounted shares or dilution necessarily. But one way or the other, extra capital WILL be raised. The sooner, the better, particularly in this market.

We are now just short of 1 month since November 1st , and counting...

Yaq