If cf is serious of launching a counter bid then the only plausible path forward for all parties would be as per below.
1. Go ahead with 70m placement at $0.25 share in two tranches
2. Tranche 1 20m rights issues under 15% capacity. This way all shareholders including cf can keep there relative interest and importantly provides near term funding
3. Tranche 2 50m will be subject to shareholder approval. Which could take 3-4 weeks
4. In between allow cf to do dd. Should they want to rebid then shareholders have the option if voting for the revised bid vs the additional funding
This way funding is shored up and shareholders can choose which path forward
DML Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
