the news - will it move the price?, page-50

""I still cannot believe the audacity to call for funds with so many things undone and unexplained, where most of the announcements in the last 8 months having been mainly on corporate finance/structure rather than the actual operating business of geothermal."

Hit, nail, head!"

Moreover, one finds it a little hard to imagine that the new investors would have coughed up a few hundred k (and presumably will double up in the rights issue) without asking some pretty tough question about the timing of the granting of the PPAs and also the timing/likelihood of gaining project finance for the first two projects.....

I know I would coming in as a new 'major' investor.

I wonder what answers Kerry gave....?

Also @ Graham, what is the tie up between the 3 new directors and Pacific Energy - I am not seeing it??

Ah - there's the listed Pacific Energy limited then there's these guys - Pacific Energy International Pty Ltd.

As I see it (let's call these guys PEI get:

1. 104m shares @ 0.0015 - $156,000.
2. 46m shares @ 0.0015 - 69000.
3. free options (1 for 1 ) - 150m (strike 0.0015, 3 years)
4. 150m shares at 0.0015 (in the rights issue)
5. 50m free options (1 for 3)
6. 200m free options (ex 0.003 for underwriting)
7. 6% fee!

There's a lazy 300m shares and 400m options - for an outlay of $378k. That's netting off the fee.

That is a HUGE chunk of the company.

Nice deal for them - not much chop for anyone else!

Seemingly, all thanks to super deal maker KP.....