Has any of this been disclosed to market under ASX continuous disclosure requirements?
How has the “strong support” been received by ARN “major shareholders” if nothing has been announced to market by way of substantive progress update? Insider information?
As a shareholder with control of over 1%, we are definitely not in support of this raise. Diluting existing shareholders who purchased at over 40c to incentivise current management and corporate advisors for what?
And with an option exercise date of 2026 – doesn’t show much confidence of current management/corporate advisors that they can get the share price up above the $0.25 strike much before 2026 which is a bit of a worry given the JORC resource the company should already have on Niobe.
Don’t see how the corporate advisors should be getting $40k plus 3.5M broker options. This seems to me to be a way for the brokers to tank the share price and buy up, to the disadvantage of any shareholder who has purchased in good faith on market.
Would suggest any shareholders vote against.
I think the projects are good and think existing shareholders should be buying up while the price is low to increase their voting rights.
Shareholders should be actively voting / putting on the pressure for management to be accountable and provide information to all shareholders/open up raisings to all existing shareholders and not just a select few (particularly with a raise of this size).
ARN Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
