I am back in again today. I bought 153000 at 28cents and 69814 at 29 cents. My reasoning for buying is :
- AZZ were very keen to get the first draw down done from their $20M facility. Note that it was only partially done (as the minimum price of 40cents only lasted two days after notification).
- AZZ wanted this first drawdown completed so that they are in a position to issue $10M convertible notes to the hedge funds.
This $10M will be definately needed if JF-1 is a gusher.
To fund my purchase, I had to let go some of my SLAs and NMSO. But I reckon that in four weeks, I will be able to re-purchase my SLAs and NMSo back and still have a decent holding in AZZ.
AZZ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
