Ann: $23M Placement to Strategic Investors , page-23

AC

I agree with the first part of your post, but would add that to raise cash at a premium from a fund that has the pedigree that the Appian Partners have is astonishing!!! I suspect that whoever the second London based Fund also involved in the $23 M placement will have a strong pedigree as well

It's quite clear in the announcement how the $23 M is going to be spent and it is NOT to replace the BR deal. It seems to me that stage 2 and beyond is potentially being bought way forward.

To have now 3 and possibly four heavyweight and successful resource investors as substantial shareholders in AVB is a very powerful endorsement in my view.