spot on tastarga.

"rights issue sucks" ANZ win, Hartleys win, CSM shareholders win, JML shareholders sit and wait 24 months for payback, or 'hope' that the next 12 months bring huge increase in reserves...This new figure available to Jabiru of over $80m could imply that the company hasn't declared all drilling data etc.. Maybe some aces up there sleeve and they know they have a much larger operation than everything released publicly.

The ANZ funding was very positive for the company.The rights issue is positive for the company. The ones who don't like it are the speculators and funds that wanted a quick trade...I'm one of them.

Hartleys underwrites close to 78m shares, CSM underwrites 47m shares in addition to taking up full entitlement of 31m shares.
Hartleys could transfer the lot to CSM (or any other bidder) once the issue bedded down....There are some notes relating to 'Takeovers Panel' and take-over provisions preventing the rights issue going ahead. Can this happen? I doubt it. The signs were there. The INSIDERS have rubber stamped it. And it's another lesson for us.

Effectively ,Consolidated Minerals has paid $7.5million to Tanami for control of Jabiru at $0.25c per share.
All the other money they'll plough into Jabiru won't go to shareholders - it'll go to strengthen the company for CSM's benefit- and not immediately for JML shareholders benefit.

If they bid for JML @ $0.25 and perhaps got 40% or 50 % they would've spent over $20m and the money would go into shareholders hands ( and they weren't guaranteed getting near 40% because the hedge funds would've been all over it). This way the dough stays in JML and CSM control the company for much much less.