".why not wait until the FML is granted and sp is higher to do...

".why not wait until the FML is granted and sp is higher to do it...thus less dilution for same money.
I have not read one good answer to that simple question...."

HH, I'm going to try to be polite...

First point, if you do not believe that the directors of the company are acting in good faith for the benefit of all share holders selling is possibly the most intelligent option. Why would you want to stay? You're even in the green so can run away with a profit.

If you are still reading rather than selling;

Second point, you sort of answered your own question, it's bleeding obvious, they would only do this if they believed it in the best interest of all holders (including their own chunky options to come, they are aligned with our interests on many levels). They also have responsibilities as directors which I personally know they take seriously. Besides looking after the welfare of all holders they also run the risk of ruining their professional reputation if they screw up. They weigh their decisions as a board, as do all boards. What else would they do?

So, once again it is very obvious that they didn't wait because they believed it in the best interests of holders to act now. If you look at the "NEW $6 million" security deposit required by Votorantim you'll be able to work out that cash could have got dangerously close with that extra impost. Tony Polglase, our CEO, has on more than one occasion, stated he will not let the cash run out...consequences could be disastrous. This was stated at the 2013 AGM to which there are at least a dozen witnesses in this forum and also on other occasions.

So the best answer to your question is "they needed it", I would argue the market has agreed. Reasonable volume and reasonable price ever since.

PS I see so many down ramps, totally based on BS that are allowed through to the keeper in here. A few over excited posters are to be forgiven in my books. After all, we are all doing our own research? yes?

Still the best reward for risk investment in the ASX for my money and research...but once again, we all should do our own.

I would strongly recommend Redonreds post earlier today as well...he nailed it nicely and I totally agree if only with hindsight...this is the time to be entering...maybe not for trading though...you could get trampled under the feet of the big end of town. All IMO...not advice...I just think if well researched and thought through...everyone can work it out.

Most explorers need cap raisings that result in substantial dilution to become miners. AVB also...maybe not as much dilution as average but still real. However, we now have enough money to likely reduce our borrowings which will increase share holder returns and there is a pretty strong indication that should they need more they can get it...

Assuming all director options get executed...we've had 50% approximate dilution...but we have a wad of money in the bank and multiple mines ready to go or ramp up....find me better?