Bit disappointed that the CR proceeds which was at enormous discount went towards repaying the Director's loans. Would rather have the company continue to pay 10% interest on DR loan rather than 60% discounted CR (at the time).
Particularly since the CR was sold as "continue with development of its existing projects, working capital, cover the costs of the offer, and assessment of new opportunities". The bulk of it has gone to repaying DR loans. Another capital raising will be required soon for the above objectives and that will dilute even further, with another discount on existing SP.
Could DR not have taken 10% interest until Santos JV eventuates into production?
Rog Thoughts, page-17
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