They shouldn't even be there. The capital raising was completely in breach of the listing rules regarding issuing capital to a shareholder who owns more than 10% of the company and who has nominated people to the board. This must always go to shareholder vote and AU Mining is not allowed to vote on it in this instance...which raises the question of would it then have still had the support to get it over the line? Realistically, it quite possibly would not have had the votes.
It seems odd that ASX didn't pick the breach up and reverse it as is required. The governing body itself cant follow its own rules, then what hope is there for the average investor.
The 15% annual max on issuing capital without shareholder approval is overridden by the listing rule and as such is not a relevant excuse in this instance.
These guys burnt through 13 million n the last quarter...so had they not done the capital raising would they have even been solvent.
They shouldn't even be there. The capital raising was completely...
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