No surprise on the CR. The spin-off is interesting though. A successful sale could fund this company for a number of years and better than issuing more and more new shares at under 2cents...
Once you get above 1bn shares on issue it's hard to come back. Of course they could do a consolidation of say 10-1 but that normally leads to more CR and more dilution. Perhaps this will happen one day but hopefully not.
On balance I think the spin-off is a smart idea in a dead market. Ideally you'd like to see Rox keep the Teck JV but times are tough in mining. At least if it's successful it will help existing shareholders retain some value.
Ann: Strategic Review and Capital Raising, page-10
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