With Diggers and Dealers coming up you would think that PLV...

With Diggers and Dealers coming up you would think that PLV would be in line for the Digger of the Year award for digging itself into such a big hole. Patersons would certainly be in line for Dealer of the Year if they manage to raise $80 million after being filled in by the last raise.

After reviewing the staid prospectus (no presentation as yet), it is hard to see the company resolving its many legacy issues and freeing up sufficient cash flow at current iron ore prices with less than a $80 million raise, noting this amount doesn’t include provision for the Stage 5 seawall construction which they will have to commit to soon to ensure a supply of ore past 2015.

No point dwelling on the past when the future of the company is a stake. PLV will need financial security in order to attract quality operators.