Maybe, it’s just really disappointing that we are back at this...

Maybe, it’s just really disappointing that we are back at this point without any indication from the company that they are going to take a different approach to raising capital in the way they have for the last 2 years. Hopefully I’m wrong, but like many others, I question what value the board provides in doing anything different to raise, drill, raise, drill.

Best case scenario now is probably that AP finds a new cornerstone investor who is willing to buy in at close to the current SP. And there’s an accompanying rights issue at the same price, whatever it is, that allocates a fair tranche to retail holders.

Ideally the cornerstone gets a board seat and brings some deal-making impetus and corporate expertise.