At least we have Top 20 shareholders criticising management rather than non holder @ignored flamers/baiters.
Leads to healthy discussion and board level attention too.
@Captain Morgan and
@Pauldola might have Mr Jenk's ear too being neighbours as well as major shareholders.
The company has not come this far to throw everything out the window for the sake of a shortfall in the rights issue. The shortfall is underwritten by GMP Securities up to $4M. In addition $250K will be placed to Grafex out of the shortfall capacity to complete the 90% acquisition.
I would not be surprised to see the shortfall placed in full after the rights issue closes.
The partially underwritten rights issue means the Company will complete at a minimum 90% acquisition of Grafex, resource definition for Ancuabe and the expanded DFS. Coupled with the largest graphite-vanadium resource deposit in the WORLD at Nicanda Hill and the $2bn offtake agreement with YXGC, it is still a terrific place to be and in this difficult investment climate is still a major achievement.
Are BB and AG overpaid? More the the point, are they replaceable? No, not at this stage. BB lives and breathes TON and I don't know how his family copes. If the share price was 50c or $1 would you still say they were overpaid? You would be saying they deserve more and that is what exactly said last year when the share price was over 50c. The Company had no control over the share price and expressly warrants that in the Annual Report.
The prospectus is one of the most open and revealing documents ever published by the Company. For those that take the time to read it from cover to cover will get an excellent overview of where the company is and the risks involved. Unexploded ordinances are even mentioned!
We will be taking up our rights.
Please DYOR.
