The days of rewarding under-performance is long gone.
They won't raise money. Companies with better assets are at times only managing to get from 30 to 50% subscription.
People will do well to look at other corporate performers with a good board track record in delivering benchmarks. AJR currently don't fit the bill.
Without significant cash in the bank, they can't drill (and as such progress), therefore any small amount of take-up will be wasted on "Admin".
The days of rewarding under-performance is long gone. They won't...
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