Gwalia Capital Raising Puzzles Broker

Sons of Gwalia's last two quarters may have been well received by the market, but some observers remain sceptical a ``turnaround" is assured amid suggestions a $165 million write-down and cash flow problems may be on the cards. UBS was one broker to sound a rare note of caution in the mining sector yesterday when it considered the motives behind the Western Australian gold and tantalum miner's placement of 19 million shares last week at $3.35 apiece.