18% took up the offer, more than I would have thought given the...

18% took up the offer, more than I would have thought given the SP over the last month. Obviously fully underwritten so PGL have the cash in the bank. Personally I'm glad it is over, a debacle from the start and the steep discount just butchered the stock price.

I guess we will have to deal with some tax loss selling for the next week and then come July we shall see whether management can start rebuilding credibility with investors with some decent announcements and no more capital raisings.