We have received a number of enquiries following the announcement today by Strategic Energy Resources (ASX:SER) that it has cancelled its current rights issue. There is some concern that this will have an adverse impact on Ionic’s own capital raising initiatives.

We would like to take this opportunity to reassure you that, while Ionic enjoys a strong relationship with SER as our major shareholder, we are not dependent on them. We look forward to the success of our Rights Issue and General Offer based on the strength we have built in the company in the years since we demerged from SER.

We note that SER has foreshadowed an alternate capital raising plan, which it will announce in the near future, and we look forward to working with them once those plans are developed.