Think it was Flats - if not was Stone Pony - who indicated that it would be smart to get Stage 2 profits pouring in before moving on to Gecamine aquisition.
On the otherhand BT has indicated AT Sydney briefing session that Gecamine take over would be financed 50% loan and 50% by share allocation (hopefully a rights issue). Meaning that Gecamine deal could progress at anytime. However increased profits with stage 2 in place would make obtaining funds under reasonable terms much easier - or possible even.
However the scenario as put forward by Duc rings true in that management are not into taking risks but are into achieving the best results in the end for present shareholders.
Certainly the pieces are coming together very nicely now.
The after-burners are ready I believe.
OOOOPS!!!
Am s'posed to be asleep - waiting for Gecamine announcement to wake me!
"ZZZZZZZZZZZZZZ"
"SNORE - SNORT"
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