That's IMO one of the points on the timing - if it is as discussed at length months back - they won't need money and hence won't raise at all ---------- just list.
Whether that's correct or not doesn't alter what a custodian bank would do when running the ADR's though - I think it would be the same for them - ie. if they (custodian bank) would need a kitty of stock - so, they didn't get caught out having to buy in a hurry. (unless the custodian bank were the investment bank that did the listing - but, I don't believe that is allowed by law anyway) - the latter is my understanding.
As to the raise or not raise again - if what we have been told is correct - almost every week that goes by strengthens the case for a listing without an attached raise. Ref. a multitude of anns. on revenue and cash from this half and this quarter and next quarter.
the 4 C should give us a hint - but, it might be just a hint only (because it's cash) - ie. if we get somewhere between 3 and ? 5 mil. in receipts - then again, (unfortunately) that tells us diddly squat about revenue - ref. anns.
It is only the company that will know if we need cash - and, from the anns. they have told us clearly that there is no need to raise cash for 'anything' other than a large contract or license.
So - I can't see at all them doing an unnecessary ipo and use cash to buy back stock -------
just give the raise idea a miss and just list ----------- no dilution at all - and, NO bargaining with Investment banks and the like. And, no fees again - got em again!
all my thinking and reflecting on anns. and the like.
Pinto
AJX Price at posting:
54.0¢ Sentiment: Buy Disclosure: Held
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