Ann: Share Purchase Plan Offer Document, page-69

While I agree things should never be murky they often are (I have no idea if they were in the case of the recent WAF raise). I could imagine that the lenders put a series of options on the table where they would offer x if y was done, and z if w was done, etc. WAF then chose the best option between those on offer.

I don't think the financiers would have been willing to lend what they did without the buffer of a large capital raise. Raising a bit more cash than really needed does give the company both more protection in case anything goes wrong and the flexibility to expand the plant. I am hopeful the raise will be seen as the right thing in 12 months, but of course we will have to wait and see. Anyway I am happy I could buy more at 23.5c.