Ann: $12m Institutional Placement and Announcement of $3m SPP, page-73

It seems quite clear to me now that this capital raising was well and truly in play at the time of the AGM.
Hell they even had it as a resolution to be passed, but was somewhat overlooked for discussion here and at the AGM at the time.

Clearly Gavin was not talking hypothetically when discussing why it might be needed.

From what i understand, this leaves AJX the ability to still raise another 10% if need be this FY under normal capital raising provisions.
I wonder if this means they could accept over subscriptions from us retail investors, if it was substantially over subscribed? Can anybody shed any light here?
There is a bit of whinging about the institutional allocations vs retail SPP, but i for one is reassured by the amount of institution interest and the resultant scale back. If the company had just done a retail SPP I dont think it would have gone very well with all the negative sentiment and conspiracy theory on here for instance.
We know there is no stag profit for institutions that bought in on friday, so at least they are in for a while !