poor deal for larger existing shareholders, page-14

APJ I thought my original criticism was reasonable because
the board was experienced and should have known better.

Although manny hotcopper posters didn't agree, manny serious investors, brokers, bankers and institutions did agree. I spoke to a number of them.

I believe the actions of the board giving a capital return before mining and then raising captial has effected the boards credibility.

The previous capital raising has tarnished the company therefore they are forced to raise captial at a discount to the market price.

They paid another dividend after last 2010 AGM, that would have paid the interest on $50 million for 2yrs.
You could say it's a similar mistake to Wattle Dam with less servere consequences.

I tend to agree with the capital raising because I would rather the board be cautious. I think they should have raised another $30 million at $1.15.

I see it like this. I would rather a child go rabbit hunting with the saftey on.