Ann: Renounceable Rights Issue to raise up to $6.2M, page-98

Nice try @h00ts you always come in as a "non holder" I have noticed when you think there is bad news and try to spread fud as you are a day trader. Well if you had actually read the announcement it clearly states that the directors intend to participate in the offer but I screen shot it for u below in case you need proof. Also why do you think they are letting holders in Taiwan participate in the offer too? Thats where Alex M lives so thats the only reason I can think of why JZ would extend it to Taiwan too.




As to the announcement today. Well anyone who didn't see it coming obviously had blinkers on. We knew we were running low on cash by the end of this qtr and JZ had alerted to the fact in a couple of ASX announcements that he was looking at cash funding options. IMO the market knew this too and thats why we have been sitting at 13c while the market waited to see how JZ addressed this. The OT was never going to be the saviour for immediate cash flows as it was very unlikely the OT would have given cash in advance IMO. Also the offtaker knowing AGY was short on cash could have given them some more leverage in their negotiations with the company. By JZ raising the cash now they have lost that leverage they might have thought they had. I have been expecting a CR in some form for a couple of months now but I have to admit I was expecting something more like $2m and to SI's. I think JZ has taken the approach that he doesnt like to CR but knowing he had too he decided to raise for a decent amount to see the company through the next stage and so AGY can continue its fast tracked development pace. While I personally would have preferred a CR to SI's at about 12c, as its then done and dusted very quickly, I think JZ is very loyal to long term holders and wanted to give them the opportunity to participate in the CR if they choose too. A renouncable offer means that if holders don't want to participate they can still sell their rights and make some $$$ off it so I actually see this as a very smart move by JZ to reward long term holders. Not saying this will happen here but I was in a renoucable offer in Westpac a few years ago and while in the 1st day or so the SP went down in the end it was actually very good for the SP. I also like the way JZ has put quite tight time frames on the offer. Last day for trading the rights is 21 March which given they only become available on 12th March is only 8 trading days.

All up if you are trader then not so good (tough) but for long term holders like myself I think this was quite a good offer and I was very pleased to see the directors are all participating in it too. Remember JZ and AM have not brought shares for quite some time, and the last shares they brought were sub 5c so them buying their allocations to me says they have every confidence in AGY moving forward.