I think those institutional shareholders that forked out $150mil in 2016 at $1.96/share might be very annoyed if the Ravenswood expansion project gets canned because RSG specifically said that $135mil was to be spent on the REP as per the announcements on 27Sep16 and it would appear only $35mil has been spent on Capital expenditure at Ravenswood in FY17 & FY18(FY18 A/R pg89).
I hope they haven't siphoned off the other $100mil to Syama as that would be a no-no as that was not the specific use for which those funds were raised and could open up the prospect of a class action by these institutional shareholders in the future.
Ann: Change in substantial holding, page-53
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