Ann: 2024 AGM - Chairman's and Managing Director's Addresses, page-7

$3.5 bn market cap today, perhaps not tomorrow. It’s because they’re greedy? They got their $1bn cake for free, now they want some $500m icing now that they’ve stuffed up the initial capital numbers and told the market what it wanted to hear. Too many free lollies have made them big, complacent and entitled? I reckon the gov will be into them worrying about their initial $1bn and asking O’Leary difficult questions to which he would have no competent answers.
Also they’d be worried about their ability to return the raising to SHs, perhaps the RE business is not all it is made out to be and the rest of the business is running out of life. Why would you raise, if you can get it for free by joining the RE movement and talking the talk of talks.
Possibly I’m wrong. Either way, I worry for Iluka, they’re not what they were in days of yore.