Although I agree management are weak, I wouldn't take CVC...

Although I agree management are weak, I wouldn't take CVC seriously. Their holdings are not enough to suggest true conviction in the stock. The issue of being able to participate in the placement is also irrelevant for most shareholders given the current SP.

I have always been for a pay down of debt through a raising, however I think it could have waited until price was a little higher and discount should have been lower.
The other issue is that it doesn't seem all money is being used to pay down debt and to issue shares at such a low price for exploration is very wrong.

In summary I think the company is good value however the current management may maintain the SP discount to value.

I doubt it will go much lower than current SP.