Ann: Trading Halt, page-225

Directors are under all sorts of obligations during a CR.

Whilst the Placement and SPP was announced on 7 Dec (yesterday), and the new Directors don't start until 10 Dec - those obligations relating to CR's will still apply until the Placement and SPP close.
And the SPP won't close for weeks and weeks.

All that talk of raising funds from banks, and doing that quickly is crazy talk for a company like AJX.
So is the talk about putting AJX into Suspension on the ASX.

Geez, if anyone wanted the SP to drop, now that would be a great way to wipe off millions $ from M/c.
But if a buyer were wanting to buy shares, and still thought the business was good, then that scenario would be a great outcome. For a start-up type company like AJX just reaching cashflow break even, any debt facility offered would be what I call "mafia funding". The terms would be terrible, and assuredly would involve providing cheap equity also (options etc).

Clearly the Placement was done because AJX needs funding, and needs it quickly. The cheapest and quickest way is a Placement. Yep, the SPP is a sop to existing shareholders - that's why it is a piddly small amount of $3m.

Whilst there is personal animosity to certain directors, just remember that any dilution affects them more than most of us.
Also, the 2 new directors are going to ensure that everything is kosher. And that includes the matters surrounding this current process.

This Placement & SPP process is a dime a dozen these days. Hundreds of coys are doing it.

As I keep saying - AJX cannot announce a contract until it is actually executed.