Look at KGL for example. Went into trading halt today. AFR has...

Look at KGL for example. Went into trading halt today. AFR has already reported on details of cap raising and some sophs have let out the terms.

That was a relatively straight forward cap raising. One broker(RBS).

With MHL, you have minimum of Komodo and Wentworth, possibly Ascent. That two or three groups of sophs all knowing issue price etc.

Then their is SOCA, Sage, CFE, and to lesser extent and RRS.

It was never going to all come together at once. So they couldnt announce specifics. But they also cant allow certain investors to know more than others.

Right now certain sophs know more, but the trading halt prevents them from acting on it.

Anyone that wants to be prepared for opening trade, really should ring and "enquire" about the placement. Then you will know the issue price and amount raised. You may need to register as a client but you arent commited to spending dollars.

MHL may give you the same info, but better to go direct to broker IMO.

IMO their is a delay with a component of the raising. Perhaps waiting on CFE to decide? or maybe Wentworth arent fully subscribed yet?

Its alot to raise. But if they are struggling, wont they just scale back to 50%?

I would expect an update on Monday, even if its still work in progress. Obviously the two placing brokers are issuing at the same price.

So perhaps MHL can disclose that?

Then we would expect a cornerstone investor eg Sage/CFE. Will they pay less than sophs?

Finally the rights. I would be disappointed if we pay more than the placement.

Considering even the Komodo placement exceeds the 15% allowance, all the components will need shareholder approval at EGM.

The resolutions arent in time for the AGM.

So although we will know more soon, and can commence trading again. The actual certainty and receiving funds from this drawn out saga must wait awhile for official approval.

The work arond for this problem is to issue a convertible note (without shareholder approval) to CFE. That will raise the first payment for Trinidad.

We then vote to convert the note asap.