Very well spotted Systematic.I hadn't read it properly and...

Very well spotted Systematic.

I hadn't read it properly and actually thought CBA was giving a further extension on the $2.6m!

Unbelievable that they could slip in an announcement as material as that under the benign heading of "SPP Documentation Despatched".

A further indictment on those ASX laggards to not even rate this as a Market Sensitive announcement.

Its enough for me. Regardless of the SPP / underwriting outcome, I can't invest in a company run by individuals as duplicitous as these. Shame that all the research is down the drain, but better than research + money.

My estimation of the chance of the company being placed into administration is now at the 99% level.

I think the only negotiation taking place now is between Magna and the CBA.

I expect we'll get the "profoundly misled" announcement from Patersons any minute now as they beat a hasty retreat.

Maybe Magna will turn out to be the smartest of all .... If it were me in charge of Magna, I'd be offering the CBA 25c in the dollar for full forgiveness of its debt, and lining up some competent Indonesians willing to replace the Australian management at maybe 50% of the Aussie salaries.

If there was a "Desperate Sell at All Costs" sentiment, that's the one I'd choose!

GLTA.