mirabela 80m capital raising , page-39

To be honest, if they can avoid a SNAFU on start up, and everything is appropriately de-risked...they should be able to get the debt. It makes sense to take on the debt, to some degree. However, debt is a source of irrational fears at the moment.

I think the biggest foot in mouth effort must be mentioning the "attractiveness" of a capital raising in an ASX announcement. Thats just plain stupid. Incredibly. It should get the finkus of the year award.

Who knows, if they could have got to $2.60, I'd be well behind it.

In fact, its hardly much of an impost as far as dilution goes, even at $1.60-1.65. it simply requires one share in three. It is yet to be seen whether the company wants to go down the route of a SPP or what. They can only do around $40-50M under the 15% rule, deending on price and since the price keeps slipping, this window is slamming shut. By contrast, a SPP takes time and will need an underwriter because there's no way in hell more than 20% of the retail shares will get put through.

I'm watching from the sidelines for now. This might soon equal the Epic Fail size of LYC or CBA's munted cap raising. Till then...not sure whats going to happen.