Hi AllOn July 13 2013 JKA placed 38m shares with 'sophisticated'...

Hi All

On July 13 2013 JKA placed 38m shares with 'sophisticated' investors at a price of 8.5c with one free attaching unlisted option for every two shares purchased. DJ Carmichael were the lead and book runner for this placement.

At this time oil and gas shows had been encountered and an open porous fracture encountered. I can recall some of us were fairly bullish at this time and awaiting the planned production testing.

Given what then happened with the production testing and the huge cost blowout and then the subsequent deterioration in the SP, I wonder if this is where there could be an overhang and anxious investors perhaps eager to get out at or above 8.5c?

Regards,

Chilloutman