Ann: Stage 2 DFS at Pilgangoora Delivers Outstanding Results, page-125

And this is where the problem is.

Here is a bad example but you will get the idea.
Your TV is on the way out. You decide you need a new one and budget say $1400.00. You go shopping and find the best you can do is $2000.00. No way you cry. “I’ll put up with the old one”.
But over the next few weeks the TV is getting worse and you are getting used to the idea of $2000.00. You reason that the price is not coming down and well you need to get one.
So the retailer says the best he can do is $1950.00. You take it and feel like a winner for getting $50.00 off. Forgetting that you only wanted to pay $1400.00.
Now here we are with AJM.

1. First talk of a T/O we all wanted $1.00+
2. The price moves up with an anticipation but it all goes quiet and the price drifts back but we are still firm on our $1.00 target
3. Now while we are waiting the price is oscillating between .37 and .40 a few posters are suggesting .80c would be fair value and now even .60c. Even I was just thinking .60c by x shares, well at least I can get on with my trading and it is so many times to what I bought in at

So say JRO come in with an offer at .55c and say hey guys that is 50% to the current VWAP. We all say no way get lost.
Now they say alright guys we will give you .70c we can’t do much better than that. That’s almost 90% on the current VWAP.
We now look at what (and remember that we have lowered our expectations) they are offering which is more than their first offer and bingo we think we are getting a good deal.
We walk away forgetting about our $1.00 and think we got good deal until so many months later when we all think “I think we could have got a better deal”.
GAME OVER.
Don’t let them get their hands on yours cheaply.