Ann: Capital Raising Presentation December 2018, page-168

Wasn't meant for you specifically ST, just trying to be rational. No one likes losing money.

Esh, yes it might not have been ideal. I understand the logic behind a preference for a renounceable rights issue. But in saying that we would have been talking basically 2 for 7. Let's say they offered it at the same price. What would have happened? Retailers would have flipped their rights for a small gain or heads to take up their rights and we would have pushed down to issue price nonetheless. At the end of the day the register would have been just as loose. Retailers like you would have been strong but many would have flipped for whatever pips they could extract. I get what you're saying about attitude but for me the outcome would have been the exact same.

You can argue they should have waited but really at the end of the day they might have raised at 35c if they were lucky and we issued 60m less shares but lost 6-12 months. The other side of the coin is markets deteriorate further and the ability to raise (and share price) gets even worse. I am less short minded than some but would still prefer them to get moving tbh and take one risk off the table.

Finally it was only a month or two ago you were all for EPCM. Now you're arguing it as a major risk. In my opinion a poor raise (in they eyes of some) isn't causality for poor operational performance. So either it was a bad idea then or you're making some big leaps in assumptions of how the future goes.