Ann: FY21 Results, page-20

I forget exactly when the last cap raise was, at some point near the beginning of the pandemic I think. I, and many others were annoyed with the additional cap raise that turned out to be unnecessary, but at that point in the pandemic nobody knew what was going to happen. The extra dilution was frustrating, but perhaps it was the right call.

Everybody was predicting the Australian economy would crumble, the housing market would implode and all discretionary spending would grind to a halt. Instead people got locked up at home and drank themselves silly with free government money.

GDA management put out a statement last year saying that they had listened to investors and there would be no more cap raises. While I'm not prone to believe everything I read, directors and management then put their hands in their own pocket and picked up a swag of shares on market at around 5 cents. That I do believe and I followed suit adding a big chunk to my holding at that time.