Can't compare ALK' and ASM's situations mate.
In ALK's case they almost always held an ace up the sleeve. ASM was never ever in such position. ALK had McPh which they sold to RRL and that allowed them to get TGO running. Then TGO became and still is cash cow.
Also, with bit of luck ALK may even avoid doing CR and/or debt. If POG moves another $100 - $200 up.. But ALK got prepared in case POG does not go up and that is what I call having foresight. Hope for the best but prepare for the worst. So, luck or not they are ready to handle the expansion whatever the scenario.
What was ASM's plan? She'll be right mate?
ASM could have done same when SP was above $10 and raise capital then. The question for ASM is did the old CEO try and was he turned down to do CR. And who was instrumental in turning such proposal down - if it was proposed.
But most importantly ASM does not hold an asset they can sell in order to fund development of another. There are no 2 Dubbos so they can sell one and now they have funds to develop the other. Hence why comparing ASM to ALK is nonsense.
Nic and Ian C hold different roles at ALK to ASM and with that, different responsibilities.
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They most probably aren't going to Hotcopper for advice though." - one in few cases where the company would have done well if they did.
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