I'm a great believer in AXE, have a six figure share holding and a low point of entry. Like many, disappointed at the SPP price and fail to fathom why not a rights issue to existing shareholders rather than an SPP. Far fairer to smaller shareholders in my view given the overall (relatively) paltry amount to be raised. The argument against is that a rights issue is not always guaranteed to succeed and takes longer but in this case, given the somewhat heavy discount coupled with the small amount involved, I'd say bollocks.
Nevertheless I'll be supporting to the max permissible ($30K) but do not expect to be allocated anywhere near this. Just the pain of tying up what will inevitably be idle capital for a period but hopefully worth it longer term irrespective of scale back.
GLTALTSH
AXE Price at posting:
$1.58 Sentiment: Buy Disclosure: Held
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