Ann: Equity Raising Presentation, page-23

Shareholders should ask AVJ to explain the moronic decision to raise capital at such a huge discount to dilute and destroy minority shareholders' interest. The capital raising stinks & certainly did not benefit the minority share holders - who benefited from it?
The June 2023 accounts shows $108,699,000 unutilised banking facilities which is many times more than the capital raising. The loan facilities does not mature until 30 September 2024.

What kind of management & board would do a buy back commencing in April and a few months later raise capital at a huge discount when funding is available? Moronic or incompetent or what is the agenda?



Only months earlier, they announced:
The Company proposes to acquire up to 7,500,000 ordinary shares or approximately 1.85% of the shares on issue. Funding the buy-back from existing cash reserves, the Company commenced the buy-back on 13 April 2023.