Pushing back against brokers (and directors) is now reaping rewards.
In the last month MMA, BML and now ARD have all had capital raisings.
BML directors did the right thing, dont jump on me here if im a little bit off but I think they did two thirds to the shareholders and one third to the brokers in their CR and a lot of shareholders didnt take it up so thats not as good as what we've got with MMA as we have a lot of shareholders taking it up.
unfortunately BML have now got regal funds as a substantial shareholder and trust me you dont want them on your share register, its like having your worst enemy. an example of their behaviour in the past here
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-406mr-asic-accepts-eus-from-institutional-stockbroker-and-hedge-fund-trader-for-concerns-about-misuse-of-confidential-client-information/its not the end of the world, I still like BML but theyve now got a totally unscrupulous player on their register.
Veritas and Alto are like saints compared with Regal.
Just an opinion but I dont think shareholders in MMA would have got to participate in the CR if it wasnt for me 'stalking' them as philw calls but I would rather call it sending them a few emails with information about how they can do their jobs fairer for everyone. I just reminded them of the good karma in just doing the right thing.
its hard to know but red metal did placements only using veritas in 2017 and 2020 but in 2023 they did have the 1 for 7 rights issue for shareholders.
Ard just announced a straight placement for the institutions and sophisticated investors.
So MMA has fared the best.
I had a friend visit the MMA office last week to look at the top 20 because Im eager to see who is in their now after the placement. He spent an hour with them he says and he got a bit distracted, although it wasnt the job I sent him for, he was impressed and is taking up the raise and buying more. Ian said he'd send him the top 20.. lets see. Ian (maronan's company secretary from wentworth capital) last week refused my request for a share register from january on advice from his lawyers so I dont think he will be in a hurry to provide my friend with a top 20 list.
(20min delay)