Of course they are negative, because many of the people who buy the shares in a CR do so because they can sell their existing holding and buy at a lower price into the CR so there is always an overhang of shares to be sold onto the market. There are also traders who know the history of CRs and sell quickly expecting to buy back later.
Even CRs that are net positive for the company result in an initial fall in share price as has occurred with AL3 in this case because of that overhang, and it is usual for the stock price to drift back close to the issue price as a result.
That's ok, if that happens. It is a short term thing that will usually resolve itself after a couple of months, assuming that the CR is supporting new growth, rather than a matter of survival. It clearly isn't a matter of survival in this case and management seems to have shareholders interests at heart (because they are shareholders). If they're right, a little patience is required, and hopefully management's decision will be quickly supported by increased sales.
AL3 Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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