JRI IVZ Fireside Chat - March 26, page-561

I recall when they did the small CR leading into MK2 main drill that a question was asked about future funding and Scott said he had some ideas about that. I suspect the entitlement offer was on the cards from back then.

What clearly caught them by surprise was a major insto dumping their full holding into the discovery announcement the morning they came out of a trading halt. That move combined with the low cash levels due to the sidetrack costs taking all the contingency forced them to do another CR. You could tell how pissed off Scott was in that investor briefing for the results, At that point the EI was pretty much dead. I think they hoped that the lab results would get the offer in the money but the endless selling has prevented that.

Who knows but I suspect PAC were a bit red faced. Their clients buying a CR and flipping straight away for a quick buck is common but a major client flogging all their shares into news effectively killing any share price run then coming back to the kitchen with their empty bowl expecting more is a dog act.

Then again, if the net pay numbers were in the 100s metres not the 10s it could have been a different story.