Makes sense to me Sammy, whether your source is correct or not...

Makes sense to me Sammy, whether your source is correct or not about Pattos wanting to exercise all the options, the fact that the purchase of that many shares from this position isn't possible for under 1.5c is absolutely correct. Not unless a few real big holders wanted to get out quickly which would require some pretty bad news.

Therefore it is the logical conclusion that it IS in their best interests to exercise (underwritten) options given the fact they recently had a target at around 8c (I think it was) and the updated note, while not having a target price, still had it as a buy and the story has only strengthened since then.

Therefore if anyone is keeping the SP down it's probably Pattos and nothing to do with further dilution. I reckon there's a lot of holders of heads that have options also and aren't bothered by the extra dilution as it will also mean getting some money back!! We are also assuming that more money will be raised via SPP which may not be the case and kills the argument that dilution now will make a big difference when more money is raised via this method. For all we know Mindoro could jump back on to fund the infrastructure (or any manner of other companies).

I get the sense this thing is really on the brink of blowing right open but how long that may take I'm not sure. Next announcement if a little above solid like the last few could easily have a couple of orders jump the queue and start a rocket again.

Personally I have been stocking up OA's recently looking to the future but am still holding my o's. I'm pretty sure I can either sensibly exercise them or at least get more than 0.1c for them!