Ann: Rights Issue Offer Document, page-9

One of the responsibilities of directors is to make sure the co. is always in a sound position. A rights issue is neutral for share holders. If you don't understand why read some Finance 101 books. I say this not to be arrogant but I can't go through two chapters here. I tried to make this point earlier but you will understand that the same argument gets made with every share that has a rights issue. (I note share Presentations never attempt to make the point. Presumably their finance directors know major share holders understand).

Having more cash on hand at a time when raisings are obviously difficult and could get worse may well mean less conversion of Glencore convertible bonds at some point.

I have only taken thi s tone as holders of this excellently run company are the only ones likey to be of a mind to see clearly. Compare the share price of AMI over the past year with the average goldie and you'll see the relative out permformance is more thna 50% Maybe 70%.