I agree with you both and my gut tells me that MacBank and...

I agree with you both and my gut tells me that MacBank and Sentient know or can see something we can't - well not yet.

Now just with the offer.

If someone told me that the two biggest shareholders of any company, one being an Australian merchant bank and the other a U.S. hedge fund specialising in resouce projects, were underwriting a rights issue that they already held 50% of the stock, I would have to find a reason why I wouldn't back it.

Now the CEO is the third biggest shareholder and I'd be betting he's on. As for the other two big holders, well one is RFI based in Bermuda, (the offer includes individuals or companies based in Bermuda), so you would think they are on. As for the 5th largest Contango, they took the 8% of the shortfall in the last offer, so again highly likely they would be subscribing.

Now if the Top 5, who total 74%+ of the register are all in, then again, I'd have to find a reason not to back it.

This time management have allowed over-subscriptions, probably because of the offer being well received in the last rights issue. I'm not saying that it will be over-subscribed, because the overall market is edgy and we haven't received a full blown plant update, but it won't fall too short either.

Now I've made a few assumptions here and I could be off the mark. But do you think Macquarie and Sentient are underwriting this for love?

Suhm, yes it is a rights issue not a SPP.

Regards
Pep