At the risk of vilification....
My thoughts are that as we draw closer to the approval of the Taronga sale atthe AGM later this month, and the subsequent minimum ANW 22.6% ownership of First TIn which will follow, the market will recognise the value proposition of First Tin ownership in an era of +US$40,000/t tin prices.
Yes, this opinion is provided in spite of the historically proven ANW management risk.
...But at $0.001/share ANW's market cap is A$12.71m and the minimum value ofthe First Tin ownership is A$32.96m. That is the reality.
If the First Tin IPO on the LSE, ASX and Frankfurt exchange goes well, which is likely in a bullish tin price environment, the ANW share of First Tin may become more valuable and ANW will be seen as a cheap way to gain exposure to First Tin - especially as the First Tin IPO draws closer which will bring increased attention.
Despite what others have suggested here, I don't think First Tin is a two-bit company at all. I encourage all to go to the First Tin website (firsttin.com) and review their January 2022 presentation. It all looks very professional and serious to me.
In the above circumstances ANW is probably a risk/reward proposition which the market is more willing to take on - albeit from a very low base -which may explain some increased interest.
This deal presents a small chance for management to regain a skerrick of trust.To state the obvious ANW management should not put a foot wrong from this point on.
Now, with respect to the AGM materials, I do take it as a positive that Management are taking their salary in shares, however I also note the detail on page 10 where remuneration shares may be issued at any capital raising level (see below).
Should the remuneration shares be issued as part of a capital raising where shares are issued at less than $0.001, it would be a further incredible breach of trust with existing shareholders and the chance for management to regain trust would evaporate without any chance of redemption. Management should consider that in the pervasive toxic environment which would follow these actions, the value of their shares gained through the remuneration plan are not likely to appreciate in the manner which management would desire.
Capisce management?
(20min delay)