placement, page-2

Hi Thomas..

The placement has always been good value if you can get it (too good in my books.. as the "free" options deal has undervalued them currently) ... however I suspect that with the announcement saying that shares would be allotted on a "priority" basis .. this would mean that instos would get first pick as they would be putting the most money up front ... I seriously looked at dumping my couple of mill shares and punting on an allocation .. but the downside was too big (ie: miss out and end up with none) .... I know they had to do the placement ... but it's a bugger as the SP was making a nice recovery and has now stalled until after the placement (June 7) .. I still think although diluted by 20% that the current prices offer excellent value as once we get past the placement the SP should continue to rise as Muggles and Lake Long spud... and would expect between 8c and 10c by the 15th of June.

Blackspot