MrD,Last time was a rights not a SPP. This time anyone with more...

MrD,

Last time was a rights not a SPP. This time anyone with more than about 30,000 shares is going to get diluted/screwed. Some posters here have 6 or 7 figure holdings, and mostly would have jumped at at rights issue, but preferably not this big. You simply don't need this sort of serious money for a little 30 MW power station.

This only has any palatability for me because 1)some of the directors are going to be badly diluted also, and presumably therefore have good reason 2) It protects the downside.

However, whichever way you look at it, non priveleged holders of 50,0000, several hundred thousand, or several million are going to feel a bit done over by the size and nature of this CR. Half the size would have paid the power station, with some spare for drilling, and could have been done a few cents higher. Meantime of course they could have refinanced the power station, sold further non-core assets etc, and had another CR at a HIGHER PRICE.

This rattles a little of empire building to me, although I will not judge them too harshly for the next few months in case a better justification for this serious loot appears - however to justify someone else getting a quarter of my gas at 1.25 I am going to need to see something fantastic, as I certainly was not prepared to sell at 1.25 (depite B2's hilariously timed miscall, lol).

EL