placement to bpt, page-2

Very good outcome I think. The placement of shares proceeds at .165 (so we get vital funds at a significant premium to current share price), yet we don't give them the free options which could have been seen as an overhang on the stock to anyone contemplating a move later on down the track.
Obviously gives Beach a blocking stake, but considering our funding requirements and the poor state of our shareprice, and the market generally, probably the best outcome we could have hoped for IMO. Definitely a hell of a lot better than the original proposal.