Although I have my doubts on GS's incentive to push hard for the...

Although I have my doubts on GS's incentive to push hard for the best deal, the Board did try to cover this off in the Investor preso slide 9 'Capital Raising Pricing', referring to "slippage" in price.  How ironic that the HCC and thermal spot price has worked against us in terms of being offered a retail component SPP.  However,  I'm not inclined to be overly negative given I see a lot of parallels to BDR earlier in year when the effectively locked out retail shareholders by raising $50M at $0.195.....to see plenty of retail holder spit the dummy and sell and then missing out a tripling of the placement price in 3-4 months. Indeed, the market reaction today seems to be telling us something.  There now seems to be a clear path for BRL in terms of infrastructure, ability to wash and blend a superior product, protected margins in $NZ, low industry thriving and allow for additional positive cashflow from energy coal.   Final thought would be to consider how BRL would have become an exporter without such a deal........it was always going to involve further dilution IMO.