Ahh yes, we remember the bullishness just days before the announcement of $1 billion first half loss and not long before it suspended.
How many advisors knew that a massive loss was about to be posted and a hugely discounted raising was needed before they put clients into this!
Atlasgate and it's all happening again.
If $50m of cash is raised, costs of the offer are $7.3 million
If $100m of cash is raised, costs of the offer are $9.5 million
More money raised = more fees for advisors, more pats on the back for the "job well done" by the board irrespective of the performance of AGO. Don't be surprised if this gets a deal of the year award at Diggers and Dealers 2015; that's what happens in Perth. Another silver shovel, good for shovelling you know what.
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