mirabela 80m capital raising , page-28

Beast, a good broker can have a cap raising done in an hour. Seen it done myself.

personally, 130M shares x $2 = $260M market cap. A one for 2 rights isue to raise $130M ($50M for safety sakes) wouldn't be too horrible. Sorry HBS, I do agree with you, but I also say that MBN had the oppostunity to equity fund the whole damn thing when they were at $5 and fully, fully aware of how shot in the arse the whole debt funding thing was.

And you know why they didn't? Because Nick Poll was seeing a decreasing share price and was waiting for a turnaround which never happened. He held on too long, and then suddenly it goes from $5 to $0.66 and he's stuffed, going cap in hand to the banks, wheedling and scuffing his knees across the carpet and putting on the bib.

Now, the share price is on the up and up, he's keen to hit the capital raisings, because he knows its easier to sell a good news story and he's looking for more up and ups.

So, blame management for being too tardy to flick out a barely dilutive raising at the top of the market or anytime in the last 12 months when it became abundantly aparent they'd never the the mine finished before everything was tits up.

Their fault.

I'm out. 40% is my rule and this just ticked over. Might buy back in after the cap raising knackers things.