This NOT financial advice, simply observations on how I see the...

This NOT financial advice, simply observations on how I see the situation. Others may see things differently. But this is how I see the situation.

It is abundantly clear that whichever road the shareholders chose, ie) accept offer or reject the offer that there is going to be significant pain involved in either choice.

If the offer is accepted everyone takes a bath ( excluding those in the black) and we all move on wiser people.

If the offer is rejected the board will certainly resign in an orderly manner,(Cottee said that on Tuesday evening)  requiring a new board to be put in place, as the no vote will be seen as vote of no confidence in the board.

A new board will have to be put in place.

That then leaves the urgent ("imperative"  to use Cottees words) problem of obtaining sufficient finance to fund the imperative drilling.

You have already been informed by R C that no money is available, (Assume that to be correct)

Therefore the only obvious source of immediate funding is the shareholders.

You have been informed that the share price will go back down to probably 10 cents, I agree.

Both because of the board having to change and the propped up offer by Mac Bank evaporating.

So you as shareholders really have  a simple choice on today's available information, either take the offer or  expect a significant dilution by way of a cap raising or some other method, such as a JV being obtained.

The vultures are circling in the sky.

You may care to think about whether you prefer to sell out at 20 cents (and possibly get more in 4 years) and lose any chance of reaping the rewards that we know are out there, OR taking a hit of say another 400 mil shares being issued in a rights issue to shareholders at say 10 cents.   (Not suggesting anything , just using figures as an example)

If you take up any rights offer in full then you have not diluted your shareholdings and with the $40 Mil the drilling can be completed and the GSA possibly (Note possibly) being signed and approx $50 mil per year coming in which will no doubt give us financial stability and possibly ( probably ) a higher share-price.

Immediate pain or pain by increments, the choice will have to be made at some time soon.

You should look deep into your heart and  ask yourself

  "Am I prepared to cut my losses and move on OR am I prepared to find more capital and possibly reap significant rewards."

The choice is yours.

Think long and hard with mature reflection, and stop saying "the Government should do something, Jemmena or Mac Bank should stump up the money.

It ain't going to happen MB want CTP any they are the biggest vulture waiting in the wings.

It is fast approaching time for self help!

If you chose the 2nd option of significantly diluting the shares by say 50%, you are at least still in the game and  have  "a chance" of making significant profits and getting your money back plus some.

The choice will be yours at some stage..

Join CPSA and stay united

CB [email protected]