Ann: Appendix 4D and Half Year Accounts , page-17

I personally am very happy that they are doing a cap raising. The reasoans I say this are...

Those convertible notes to Jolly have put a huge downward pressure on UXA IMO...
Reason I say this is, most of these institutions who provide this convertible note facility are not looking to become huge shareholders IMO,,,they get their shares,sell on market for the same price or lower if necessary,,,next time a note is converted they get cheaper shares...

Because they get a fee and/or discount to SP they are in a very good position and as long as they don't hold too many shares they have limited risk...

So if UXA manage to raise some cash through this SPP the next step should be to get rid of the convertible notes which will reduce selling pressure..

Jolly if I recall still own about 5% of UXA so they may dump or pump and dump if they wish to exit or they may hold as they realize that if they stop selling the SP will climb anyway?either way if UXA can manage to raise a million I expect SP to gain momentum and head higher..

This is just my take on the SPP...

dyor