just spoke to company secretary - gregory seet, page-10

Sounds like it is following the path set by GXY. Reached $2.40 in 2009 and is now doing a 1:1 rights issue at 8 cents.

So joey1984 is Greg saying that the only outcome is a sale to the highest bidder, because if the capital raising is off and they still need $30 million in August and they expect to only be cashflow positive by June then where are the funds going to come from to meet that "equity contribution". They are only just covering C1 cash costs with sales revenue, and that was when they had hedges in place.

So in the end shareholders are screwed if you consider that CF would not just have control of 13% of the register but also shares held by "loyal friends".

Looks like Jeremy Read compeleted a well timed sale of his 130,000 shares at 61 cents. And posters thought that he may have needed the cash desparately. The directors bailed before the proverbial hit the fan. I guess they did not see this coming did they.