Ahh yes, we remember the bullishness just days before the...

Ahh yes, we remember the bullishness just days before the announcement of $1 billion first half loss and not long before it suspended.

How many advisors knew that a massive loss was about to be posted and a hugely discounted raising was needed before they put clients into this!

Atlasgate and it's all happening again.

If $50m of cash is raised, costs of the offer are $7.3 million

If $100m of cash is raised, costs of the offer are $9.5 million

More money raised = more fees for advisors, more pats on the back for the "job well done" by the board irrespective of the performance of AGO. Don't be surprised if this gets a deal of the year award at Diggers and Dealers 2015; that's what happens in Perth. Another silver shovel, good for shovelling you know what.