Stripping SYRAH right back to its simplest analysis at this...

Stripping SYRAH right back to its simplest analysis at this point in time , there just has to be value at 81c !
1) Australian Super has circa 20% +/- , and hold the FUTURE "bank account" purse strings with the convertible notes ...at 81c ,they are underwater on invested funds by approx. $1 to $1.50 per share ( approx . $2.50 average value entry price ?)
2) Regal Funds Management hold 11% , and are most likely (???) will now hold it on the "long side"of their long/short Fund ..having made a motza on shorting in the last 3 years
3) If Syrah now don't perform , Aust. Super and Regal will determine their future , and find a buyer in a takeover and at a price where they will make money , or at the very worst , break even !
Big companies like FMG , WES , ILUKA , S32 ( Australian examples only ) , Battery Manufacturers like Panasonic /LG/BYD and Auto Manufacturers like VW ( again as examples only ) , far less their Chinese counterparts see both demand need and price value . Circa $a 500 mill+/- has now been raised subsequent the first shovel in the ground at Balama , to see SYRAH reach this stage and have a market cap of just over $300 M , with over $us 100 M in the kitty !
There has to be value money for jam here --and Aust. Super and Regal ( as the two biggest holders) know it . Current Board just rent the garage that houses the car ...Aust, Super and Regal own both the car , and hold the ignition keys !
Many investors have been burnt with the previous raisings , including myself ..but all the signs are there , that this 81c has been "manufactured" to ensure that the two key institutional investors are now "safe "at this price .
All IMHO