I struggle to find any positives besides the project NPV. You...

I struggle to find any positives besides the project NPV.

You can't tell me that the team couldn't have pressed SMS to kick in another bar as a true cornerstone, paid some costs in activating a SPP for the remaining $1.5M to shareholders that clearly support the project, not a HK investor that puts the money in the door and leaves the place worse off than before they were involved.

I tell you to you the positives of that outcome:

1. You've issued 36m shares that are 'sticky'
2. As 'sticky' money, there is no selling pressure
3. As a result you don't have $15M in market cap wiped off the table heading into finance negotiations
4. You actually see some of the upside in share price appreciation from SMS being on the register

The only negative I see is brokerage costs and SPP costs of between $0.5m and $0.75m.

They've taken the quick and cheap option and look at where we are. Back to square one. Not to mention the deplorable timing given the predicted carnage of the markets today with BREXIT.

It really does make you wonder.

To add to this, you've then got the Chinese ex-director that can't be managed. Are they sellers or not? Only the board knows that one.

Disgraceful.