I think it is fairly simple. Right now with the number of shares...

I think it is fairly simple. Right now with the number of shares in issue and net debt of around $100m, the company is worth nearly $1 per share at fair value. If they convert and do a new issue it will be worth about 40c. I know which price I would want to see. The chances of achieving these fair values are greatly in favour of the non dilutative approach as the market will remember the low value of the issue and have proof positive that Jinchuan call all the shots and just act in what they see as being their own interest and not in the interst of all share holders, hardly going to get buyer flocking in.

They do not need to issue shares to repay debt and they do not need capital for the additional work at Manuli. They will probably need to raise capital for Songea, but that is about 1 year away. So if they have not diluted they should be able to raise that at $1+ prices, wheareas if they dilute, the SP will probably still be limping along in the 10 - 20c area as a low rated mistrusted share.