Ann: Response to ASX Aware Query, page-19

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dazaliam

6,161 Posts.

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17/12/21

20:20

Post #: 58377359
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Originally posted by Red Baron ↑

You guys need to be careful what you wish for.

At the stage of the AFR article, the Board hadn't made a decision, they were getting all the options available for funding including the debt facilities.

The day prior to the AFR article we closed at 75.5c. If they came out and said the truth - ie they were considering a capital raise, I can guarantee the share price would have opened in the 60s and stayed there. The cap raise would have been done at around 55c so 180m new shares instead of 149m new shares. More dilution. Presently we'd be in the low 60s not low 70s.

The other option would have been for them to ask for a trading halt "because we may or may not be doing a cap raise"
Then we would have been suspended (you can only TH for 2 days) when we released the updated DFS

I can imagine the comments we'd get from the traders on this forum if that happened. And rightly so, the Board would be negligent to SH's interests if they did any of those options.

They were stuck between a rock & a hard place, they worded the AFR speculation very carefully because at that stage they hadn't decided which way to go. I was also peeved at their denial, with hindsight I can't see what else they could have done. Yes they lost some credibility, but they did it to protect shareholders best interests.

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Are you taking the piss? The spp was for $25m and they accepted oversubscription to $51m whilst ringing round for further funding. They knew they needed $150m in November but did the decent thing for sh'ers first. "Yes they lost some credibility" = no shit = bgs/mll/ffx management history imo

FFX Price at posting: 71.5¢ Sentiment: Buy Disclosure: Held
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Ann: Response to ASX Aware Query, page-19

Top Stories

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Vulcan appoints investment bank and M&A veteran to board

Utah authorities sign off on Anson's lithium extraction plans at Green River

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

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