I feel that I really must add one item of note and recognition here. It is to recognise the ethics of the Board and CEO, and their actions today in relation to the SPP. I note that there has previously been an amount of discussion about the associated share issue pricing, allocation to "sophisticated investor" clients of a broking firm, and the fees paid ($ and options) - this is not my topic here (though I think that the BOD achieved reasonable funding for production etc at little dilution and a price much higher than we could have imagined at any prior time, though I and others would have liked them to have achieved a couple of cents more). What I do admire was that today the company made a very significant positive announcement one day prior to SPP close to give its shareholders the confirmation they may need (many of us didn't) to apply in the SPP, and that this was in time to enable them to apply for the SPP. That is, they have done the right thing by shareholders. I also expect that they will do as well as they can for existing shareholders by allocating more shares under the SPP than the minimum indicated in the documents ( though not enough to provide full allocation to all as I expect that the SPP will attract around $20 million in bids). So well done to the CEO and Board to put the company in the position that they could make todays's progress-confirming announcement, and then doing it.
ADO Price at posting:
33.0¢ Sentiment: Buy Disclosure: Held
