where's tam gone :s ? ? ? , page-14

Not sure if anyone did the rights issue maths so here is:

Share price pre-announcement 4.1c. 6:5 issue at 1.5c was fully subscribed so new price = (6 x 1.5 + 5 x 4.1)/11 = 2.7c.
Post 30:1 consolidation, price should be 80.5c.

Dilution usually causes short term downward pressure and the temporary change of code doesn't help volume. But given that some kind of capital raising was inevitable and should have been factored into the pre-announcement price and also the rising gold price and good drill announcement, you've got to think a buy under 80c is good value.