Ann: Offer to acquire Reward Zinc JV Interest,RXL-IMI.AX, page-29

Check out the IMI announcement re capital raising.

1) IMI offering will have RXL options attached and be offered to RXL holders. RXL shareholders are effectively paying (via dilution) for investors to participate in the IMI cap raising. Other analogies include "gun to the head" for RXL shareholders.

2) Ian Mullholland MD of RXL to join IMI board (as I'm sure the other directors will in due course) - giving them all an additional set of fees for doing the job for which they are already being paid.

3) "The capital raising is proposed to be underwritten" - for those that don't understand broker speak, this means (i) It isn't underwritten, (ii) it won't be underwritten until such time as investors have committed to invest in the raising.

What a stinker.