Ann: Share Purchase Plan, page-159

Littlecorn when cash runs dry and the directors need their salary they will go the market and ask you to fund them. I find it disgraceful that a better outcome was not secured in the 6 months since the Rio JV. This would have to be the worst possible scenario that could have elapsed.

Think about how many opportunities Azure must have had post Rio JV to raise millions of dollars for over double the current price.

Timing is critical to avoiding unnecessary dilution and Azure have failed in this respect on so many occasions.