There already is a cornerstone investor. Not much room left for second.
It's clear there's going to be a second capital raising and there's two possible reasons they left part of it on the table.
1/ they couldn't find the full amount. 2/ they have several months to kick of the 2nd raising so plan to release some good news in the meantime to get the SP running and reduce the cost of capital.
Based on my discussions with mgmt about the overall plan I'm banking on the 2nd option. I haven't been told any specifics but I asked enough questions around the edges of the issue to know they have it well and truly on their radar. My distinct impression was that with a bit of breathing space a 2nd cap raising will be much more favourable.
ECM Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Held
