... depending on the terms of the acquisition of course. Tony &...

... depending on the terms of the acquisition of course. Tony & co may be good explorers but the market hasn't always reacted well to the deals they strike (announcement of the Rio JV in August 2014 triggered an immediate ~15% slide, announcement of the Teck JV in Jan 15 accomplished the same)

I think a big part of the reason is the deals were not structured in a way that enabled steady newsflow to the market. One could hope the company has learnt from this experience and will rectify this in any future arrangements. I suppose they may also have better leverage with our big cash hoard

Another big reason is Azure invariably follows up an acquisition with a heavily dilutive CR (usually a month or so afterwards) e.g. Rights issue after the Rio JV and SPP After the Teck JV. Again, one might think there's less need now with so much money in the bank, but it depends on what exactly Tony has in mind, his attention seems everywhere at the moment