AJX may become capital constrained as it ramps up production, page-31

Hi Pinto

To me personally the comment --- As we have been informed that any raisings will go to American institutions, fills me with horror

I know that there are reasons to chase the big institutions for investment and commitment but I never understand why the existing shareholders are cut out, it has been shown innumerable times that the ONLY loyal investors are the existing ones and if they get a opportunity to purchase more shares they will not be over concerned about dilution as they will be sharing in it.

I am totally against directors and sophisticated investors getting a free ride at our expense