okay...for starters, LHG has been able to raise capital at a...

okay...

for starters, LHG has been able to raise capital at a good price of $2.30...

additional capital via the bookbuild will be done at higher prices...

so the good price received, means less stock required, and less dilutive on price...

going from hedged to unhedged will allow the stock to capitalise on the upward gold price past $800 in 2008.

This will become more predmoniant once Ballart GF production kicks in...

My guess is the price will recommence trade at $2.87, and then drift to about $2.75 to $2.80

shareholders therefore will pick up 50cents on their entitlements (or roughly 17 cents worth pre-announcement).

17c + $2.80 = $2.97 - so that is where the fair value is post announcement.

IMO