Ann: Capital Raising - Placement & Share Purchase Plan-AJM.AX, page-286

Don't panic, it will all come to the rightful place soon.

IMHO it looks like the price is controlled to stay below 20c, possibly by someone that was left our short in the heavily oversubscribed $20M placement. My guess is that they aim for unsubscribed offer to shareholders, so they can put pressure at management to issue another large placement at 20c.

Management did the right thing, by offering shareholders to participate through this small $3M placement at the time when price was higher and with the upwards trend. AJM doesn't really need that extra $3M at this stage, as it will be able to raise at much higher price once the DFS gets completed.

But it's a thought that counts, and AJM management gets another plus for arranging this placement for shareholders, even if it doesn't look that good now with the temporarily depressed price. And again, this is simple - management have substantial ownership in AJM, so shareholders' interest is their interest.