Moving forward, page-20

Last placement was in April 2016, that's 19 months ago. And it was for $6mill or approximately 3% dilution at the time. In the month or two after that placement at 62c the share price dropped to under 50c before then rocketing up above $1. AJXs fortunes and share price has had nothing to do with institutions. That issue was tiny in the scheme of things. Instos may take a small interest in companies like AJX at this stage of its evolution but let's be honest, the real insto interest in the majority of cases doesn't kick in until a company has a proven record of revenue and profits. Most action of the past 18 months has been retail driven. We'll know when instos start truly getting involved. They trade in different quantities to you and I.