I am not sure that I said it wasn't good corporate management. I did say it was litmus test and I stand by that.
But I also make the point that to only raise what you think you need resulted in a lot of good companies going under in 2007-09 when suddenly there was no money to be had. All's well when the market's well.
Why I detest these issues is that in principle they disadvantage the majority of shareholders. There must be a better way. Rights issues, which are much fairer, used to no problem until they covered them in red tape.
As far as hawking myself to stockbrokers, looking for handouts, with due respect, I find that terribly undignified. Do you seriously suggest they will give out all these nice plump profits? Some of my best friends are Brokers and I think I know the answer.
PRL Price at posting:
15.5¢ Sentiment: LT Buy Disclosure: Held
