Ann: Renounceable Rights Issue to raise up to $6.2M, page-105

I've been waiting for the air to clear a bit before sharing my thoughts... and as it turns out, they are very similar to Speedyl's.

I've been thinking a CR was on the cards for a while now, and also agree it's a reason the SP has been bouncing around 13c.

I also thought that if they decided to go down the CR path, they may as well put some buffer in it - especially if it means that can continue to progress on their strategic path, without being hamstrung by current SI negotiations. I was anticipating it would be approx $5m - so the $6m doesn't phase me, with the majority going to land acquisitions and project development, with $1.6m being held in the bank (BTW - the operational costs over the last 8 quarters average at $380k/qtr)

In some ways, it does remind me of when the QQ deal was cancelled. For all intense and purposes JZ told QQ to bugger off, I'm not going to play silly games with you, I'll go to the shareholders and we'll carry on without you.

Well it seems that is what is happening here too... if potential SI's think they can squeeze AGY, they need to think again. I'm pretty confident that JZ was approached by existing long term holders who offered to support a CR, and IMO, this coupled with AGY's confidence in the progress they are making, underpinned the decision to do a CR.... essentially it means that AGY remains in control of their destiny.

TBH, I had expected the CR would be done and dusted behind closed doors, and we'd find out after the fact. So credit to AGY for doing an open CR with existing holders... I'm sure he's well aware of the short-term pain this will result in, but has placed more value on enabling existing holders to participate.