Ann: Successful A$21.5 Million Capital Raising, page-29

Hi Red, Jacko, and Jogoo,
my memory is that GRL placed shares at 24c when we had reached 29c. The price immediately went to 24c, and now 12c. I wrote to management of GRL at the time to to express how dumb it was to sell cheap shares when we were gaining momentum. The last share placement of ARL was 50c, when we were 50c at market. I was very happy about that, because it confirmed the value of market price. When shares are sold cheap to outsiders, the company is essentially sending a message as to what it thinks the shares are worth. Those of us who are familiar with HRR will remember the large allocation placed at 7c, when the share price was 10c. That was the beginning of the end for Heron.
I am not worried here, because we are much better placed and with better management.
Red, I have wondered if there was a reason for the placement. You hinted takeover talk in one of your posts. That could be a reason. Takeovers are always possible, but Management should not take defensive action unless there is a clear signal. A large movement of shares over a few weeks may have triggered some concern.
Just my thoughts, which may well be completely off the mark. I do think ARL is the standout investment in the ASX for investors who believe that great fundamentals will eventually be rewarded.
GLTAH
BE