AP really needs to step up and take greater control of these capital raises. It's time to break the cycle of being pushed into the same old routine—handing discounted placements (often 20-25% below market) to the usual suspects. With the gold price at current levels Andrew should be able to call the shots.
I’m not sure why Cumulus Wealth offloaded 23 million shares at around 7.5c in March, or whether the Retzos group had a stake in those—though the volume suggests they may have.
If the strategy is to sell down and then re-enter through a discounted raise, what happens if that door is closed and Andrew makes do with a much smaller raise closer to market in the interim? What if they’re denied the placement and have to buy back 23m shares on-market at the current price of ~8.8c? What could that do to our share price?
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