increases tui stake

Issuing approx 50m shares = $A125m (11% of company)
in exchange AWE receives:
another 22.5% of Tui project
USD49m cash = approx A$55m after tax = enough to pay for the increased capex commitment

Given that 3 months production cashflow was enough to cover the project capex this looks to me to be an extremely good deal for AWE. The market doesnt seem too excited (yet?) though.

AWE's management are something special - small in number, low cost, and they havent put a foot wrong with their asset deals (eg Casino). Gotta love this company.