Capital Raising, page-13

Silvermarc - You're well invested and connected with management..... are you looking to participate in this Cap raise?


Maybe they will be slinging a bunch of shares to 'sophisticated and professional investors', as happened in the past. Seems they get a bunch of cheap shares, then the good news-flow follows thereafter & they make a superb profit. Happened last time.

This time around we are doing a cap raising - fairly hard on the heels of the last one - prior to Kempfield resource upgrade & West Wyalong drilling results - both of which should put a rocket under the share price. The maxim should be that you try to raise the most funds with the lowest amount of dilution. So how the dubious timing of this maximizes value for existing shareholders and minimizes dilution beats me. Seems a bad pattern they've got into & only seems to benefit the 'sophisticated and professional' mob.

It's the one aspect about ARD that really bothers me. David in the past used to include in his preso's how they'd managed to keep the number of issued shares low & minimized dilution. They seem to have gone away from that principle over the last year.