So it seems likely that Galaxy is the subscriber to A40's...

So it seems likely that Galaxy is the subscriber to A40's capital raise. This isn't verified at this time but if it is it raises some issues.

1. It would surely be no coincidence that A40 do a CR and Galaxy are there to take 100% of it (if it's them). Was the action coordinated between the 2 companies?

2. If so, why is GXY buying a stake in A40? What's their ultimate goal? If it's for an ultimate T/O then it makes sense to buy as many shares at market price as possible without having to pay a T/O premium. Holding a large percentage of shares would also give GXY a large voting block to try and push any T/O offer over the line.

4. Anyone observing the closing auction day after day (as some have) will have noticed what seems to be often blatant down-selling at auction close to suppress the SP and also dispirit holders who's patience had worn thin. This has been going on for months.

Leaving out the warnings posted by some (ahem) on HC about the dangers of a post-merger SP suppression leading to a cheap take over, I urge holders not to just flop over to any "recommendation" from mgmt again and act in their own best interests. A40 is worth a lot more than double its share price if you extend the horizon over the next year. The worst scenario I could imagine is some scrip offer from a take over party only to see, if accepted, that SP then subsequently drop as A40 goes through yet another costly, gouging merger.