Placement, page-31

Hi all,
I see two possible scenarios here.
(1) Who thought wpl's $1.10 placement last year would put a floor on the price? Some did but look where the share price did find a bottom - 40 cents. Did wpl therefore pay too much? Could there be a retracement to 55-65 cents to counter the 15% dilution of shareholder capital?
(2)The current placement of 70 cents is very fair and does represent the current value of the finds to date. Raising another $40 million therefore does secure the future of the company and may lead to the maintainence of the shareprices upward trend.
We are at the crossroads and I have taken a position with scenario two in mind.