Didn't say they were,but they are also amongst the money lenders who arrange quick funding at a weighted COST to their upside. In fact been close to adding MacQuarie to the portfolio a few times.
However my view of any Listed Company management that allows their finances to place themselves and shareholders at such an unplanned disadvantage for raising funds at short notice,unless run over by the bargain of the century,is rather derisory. It would seem that many managers also think that those bargains arrive repeatedly and just for them when their company shares just inconveniently happen to be so overpriced that shareholders should happily accept a good shave on any new shares and options issued.
Hence I prefer un-debted businesses,or those with Conservative mainstream bank financing for a particular acquisition or expansion of a known existing business to invest in that are unlikely to have the rug pulled out from under them. Another reason for being invested here.NO DEBT. I have no doubt management here have plans ahead far further than even I can guess at. They have also been happy to walk away from a deal after already committing funds,millions in shares,instead of carrying on when that would have increased shareholder dilution considerably,just when they were hitting their initial cash flow with Jeffries Find. Full Kudos due to them for doing the right thing then.
Regards, and Have a Happy New Year All Holders
AWJ Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
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