I agree. If the cap raise was to cover a blowout on the mine development (see JRV's gross mismanagement) then I'd be concerned, but Richard has always run a tight ship and it's unlikely that would happen. Raising $120m to convert to owner-operator with financial benefits accruing over the years that now cost a small dilution at your all time high share price is actually a smart move. Yes shareholders in short term take a hit but those with a long term view of WAF should on balance be satisfied with the strategy.
WAF Price at posting:
$1.59 Sentiment: Buy Disclosure: Held
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