Productive, agree that CR could be only a matter of time. What...

Productive, agree that CR could be only a matter of time. What would be interesting is:
1. At what price, and
2. When

To put some rough hypothetical numbers behind my last post, Patersons have say ~150m shares from past 2 years. Average entry could possibly be between 1.7c and 2c. Putting a stick right in the middle with minimal sophistication and you get an average sell price of around 2.3c from all trades in past 18 months. Taking in some possible shorting to average down, Patos could potentially be up ~$1m.

If and only if Patos decides to be charitable and underwrite when all 3.5c oppies expiring worthless when they've already sold out their ~22m for a small sum long while back, they could just be breaking even at 6-month average of 1.7c (assuming they're also getting $126k or 6% underwriter's fee to help lighten the load). But when was the last time you see a broker leaving the table even money?

Coincidentally, any average joe who's been following SHP would have also seen a mystery seller persistently stacking on the sell side at 1.8c - 2c (right now ~11m shares).

Would the directors sign off on a 1.7c CR, dilute their own personal holdings, not to mention risking cricket bats in faces after many others put in 2.7c and 3c a piece in previously CRs? What if punters foresee a pre-CR pump machine coming, decide not to subscribe, and the CR goes belly up due to lack of interest. Giving the underwriter more shares could only exacebate the problem today.

Or would they bite the bullet and bank on the next acquisition without a CR to get the company cashflow positive, then move on without their favourite broker buddy once and for all?

CR or no CR, the company is at the cross-road now. Let's see who comes out trumps with Crean/Carosa/Coppa and Goulopoulos/Patersons.