So the issue we have is that AHRL (the mining JV) is now making a sweet profit but given AHRL has $100M in debt it seems there isn't likely to be a dividend to AUQ soon. And so instead of conserving cash till a dividend is payable this board of wankers is going to try and overspend (read: dilute) on exploration instead of waiting a couple of years where it can be paid for from cash flow....
We have 10 yrs of mine life left and this board is talking about raising a touch under a third of our current market cap in cash to pay for stuff that has very little near term benefit.
Have a read of the takeovers panel decision and tell me this board is making smart decisions for the benefit of shareholders. We seriously need to consider a 249D.
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