Ann: ANZ 1H 2020 Results Presentation & Investor Discussion Pack, page-158

"Given where the company is now placed I think it's less relevant than say 5 years ago. Management have a lot on their plate this year and while I wanted to have my whinge I can see why (particularly with COVID) it was expedient for them to raise capital in this way. Given the last 2 raises have been at only modest discounts and recent performance I think their position is defensible."

So a transfer of value from retail shareholders to institutional mates of brokers is, in fact, defensible sometimes?

In this particular case, it is because the company is placed differently to where it was in the past (whatever that means) and because "management have a lot on their plate".

And why "recent performance" (whatever that means) precludes a company from including retail shareholders in discounted capital raisings is, simply, bizarre reasoning.

I wonder how all these extraordinary lines of reasoning would align with Steven Mayne's view of the world.

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