spp

Extract from the SPP announcement:

"Although the market price of the shares may change before the proposed Closing Date of the
offer of Friday, 4 May 2007, the issue price is at a discount to the current market price at the time
of going to print and Directors would encourage all shareholders to obtain advice from their
respective financial advisers or stockbrokers about taking advantage of the opportunity to average
down the cost of their current holding or to add to their investment in the Company at an
advantageous price."

Sounds like Vaz is anticipating that the price will drop significantly between now and the 4th May 2007, hence the caveat above.

Certainly one of the most uninspiring pleads for funds that I have read for a while.

Perhaps the drilling program was designed (auger holes to a depth of 1 metre!) to yield a couple of quick results to boost the SP prior to the closing date of the SPP, and suck a few punters in?

I hope so... because my sell order is there for the taking.