Board, given you couldn't even be specific about why the dire...

Board,

given you couldn't even be specific about why the dire need to put up for sale a half interest in the business to predominantly others than existing holders at 48c,destroying asset values,I think I'll be glad to see the back of you and those standing with you.
This was your chance to clarify the immediate desperate need to shortchange existing shareholders,who are not in a financial position to take up such a offer.There was never ever going to be a premium on such a large fire sale capital raising and the paucity of relevant information has made the market for ARI's shares marginal and guaranteed its low current price during and after the offer period.
Yes,you may have picked an opportune time to raise funds,but the reality is you and fellow board members have not ensured shareholders equity has been retained and could have persued smarter options by pre-empting the state which I and many others are still waiting for YOU TO FINALLY EXPLAIN.You obviously couldn't be bothered and I personally find this letter is rather insulting because of this.

1/ Why a company that is inherently profitable and has paid back $400m in debt in the last 12 months and had $650m in cash in JUNE,requires to raise $700m so desperately,Half the business gets put up for sale at just 33% of asset backing,effectively a fire sale.Given even with the argument that debt could increase between $100-300m before December,that would still leaves ARI with $100m less debt than it had less than 12 months ago in a worst case scenario and still lower debt repayment commitments going forward than it had back then?

2/Does the ARI plan to pay the extra up to 3.5%? to the underwriters on top of the underwriters margin that I believe it has given itself the option of doing so at its discretion,in the offer document,further reducing the funds raised?

3/What plans does the company have to regain the 40c less asset backing each ARI share NOW HAS?

DYOR + DYODD Thank goodness I've already voted and that was NO,NO,NO,NO and NO. and In June I was one of your top 339 shareholders with well considerably well over 100k shares held just in my name.
That is simply because you have not answered these questions adequately YET.
Its not the share price drop that particularly worries me,but the sellout of per share asset backing and IMHO the poor stewardship of my and your existing shareholders interests.
Thanks for the tax bill on the divvy as well by the way,real icing on the cake.