Dear All Since history has pretty much repeated itself in terms...

Dear All

Since history has pretty much repeated itself in terms of the rights issue so far, it is probably worth considering what happened to the stock after the rights issue last time.

Just for the record, based on what happened before, I pretty much sold all my stock (not rights) down last Monday and Tuesday and bought them back as rights at lower levels - half last week and half this week. I must say the decline in the rights price in the last three days still shocked me and I did not make as good use of my memories as I could have. Nevertheless, we can only look forward!!

Michinyon - you could be of help here.

As I recall the Minara share price pretty much doubled last time soon after "normal" trading of shares resumed.

At the time, the price of nickel was around US$8,500 (A$14,000) - so slightly lower than at the current time.

Given all the money that has been spent, we should also have a better plant than then - improved acid plant etc.

Sulphur has also dropped back to normal levels so we should be in much better shape in this regard in 2009.

Unlike last time, there will be no $93 M settlement from Fleur Daniel but equally all $93 M was paid out as a capital return.

Last time around, I thought this was an absolute drop dead sure thing. Yet with arguably a much better plant and reasonable prices, I am still thinking more middle to long term on this (and may also be shutting my eyes a bit).

Any thoughts?

Cheers Eos