Ann: West African Receives Firm Commitments for A$126m, page-15

A very astute CEO and Board, albeit self-serving as they all are. Once any company is established, profitable and well-regarded, retail investors become a pain. The company aims to consolidate institutional and 'serious' ownership. These events do that. Spring the CR at immediate notice at big discount to attract the big boys. Note that the placement is less than 10% of shares offered privately during the TH to the institutions and sophisticated (i.e. wealthy) investors. Why incur all those administrative costs issuing and communicating with thousands of 'small-fry', when you can raise capital with a few known sources? Then look after Directors of course. Would be interesting to analyse who is selling since the TH and this morning. All astute and wary retail investors can hope for is that they have some spare cash to buy the Placement scraps and somehow hope the SP recovers upward. The question is, in what time frame?