Fair enough. But everyone knows where the ATM road ends. We’ve seen it countless times before with other companies. ATM facilities are survival capital not development finance. Before choosing that option, they could’ve raised money at the prevailing price (accepting the future is uncertain). They also didn’t need to tap the ATM in drips and drabs, which is the absolute worst way to do it. Maybe that was how the ATM facility was structured, whereby they could not raise in large chunks, but that’s also on management for agreeing in the first place. Galan has its strengths. But I would struggle to think of a better example of a company destroying so much shareholder value and upside by being so incompetent when it comes to financing. Then there is also the stupid Glencore agreement.
GLN Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)