windaddict16 Dec 2014 19:20
1 - With one project going they will need cash to fund the next project BUT
(Yes, they need cash. Correct and well done, cash will come via a placing)
2 - One running project can help them FINANCE the second one with DEBT OR
(No, they will need a placing. You only have to look at the terms on the exisitng loan to see that further loans will not be possible and certainly not at those rates. Markets are getting more and more difficult to raise funds and it's a stick on that any placing will need to be done at a discount to share price at that point in time.)
3 - They can just SELL their first project, take the PROFIT and REINVEST it.
( That's not going to be possible, they are only in for 20% remeber so they could no do that without having to go through all due process again and even if they did? then what? end up with one project again? where does shareholder value you come from and what about their current debt? if rame come into money of any sorth the debt level will need to be addressed)
The only way this will work is a placing and like you said you knew that would be the case so what's the problem, everyting is going as you thought it would based on that. Just relax and hope it's not to much of a discount and the share price holds up in the mean time.