Ann: Appendix 4C - quarterly, page-20

If I was Fred - with 20% of the shares - I would not be wanting to raise cash by discounting the SP significantly. I would expect dilution would be a serious concern to all of the top 20 and other large holders. Why discount and dilute when the institutional or industry insider investors who decide to stump up some cash will be wanting to confirm and cement in the value of the company, not diminish it. Who would buy in if they did not already recognise the value they were contributing to? Let them pay for the privilege like the rest of us.

My guess would be the co could "manage the SP up a bit" with supportive commentary then raise at an acceptable discount, maybe 5-10% max to get the CV and SP where they think it should be. I would love to see them bring the metallisation, singulation, and packaging in house if it genuinely added value to the proposition. Otherwise it might be better to be able to contract the job to multiple contractors to manage the throughput to whatever levels they need. That has been the business model to date. AP has been getting a lot of favours from the industry over time, but when they start to produce in bulk such helpfulness will prove to have been an astute investment on their part.