DML need funding. The stock manipulation has complicated a DCM...

DML need funding. The stock manipulation has complicated a DCM deal, so equity needed to shore up the balance sheet.

CF want the asset. Naturally, they want it at the cheapest possible price, but will stoop to any level to get it - price manipulation, frustrating capital raise, misleading statements to the press, and even sign up several (very average) punters to hotcopper to try convince the mainstay to sell up as the company will go bust. CF's complication is the legal process by which they can come back for a second bite. So, it would seem, they timed their stock manipulation a little early, as the board caught their game and CF's hands are (legally) tied.

I've read about people not having faith in the board and thats all well and good - I too am not pleased by certain decisions. However, do not automatically assume Cathay serves your best interests. I want a bid to exit. No doubt. But I am absolutely clear that Cathay's interest and mine are not aligned in one very important sense - price. They want this asset at the cheapest possible price. And I will only let go of it for what I consider fair value (however that is defined).

This is why I support the board in calling CF's bluff, diluting the hell out of them and seeking a genuine cash bid. Indeed, I encourage the board, as part of this capital raise, to place a separate class of supervoting shares to the remaining holders, which takes Cathay's vote to 0.00001%. Good riddance or pay up.