if I have to speculate, I'd say the previous MD wanted to do CR...

if I have to speculate, I'd say the previous MD wanted to do CR at or near the top of ASM's SP. As Ian G was probably short on cash or/and perhaps not willing to participate at those prices which would have meant dilution, IG did not support the proposal from his MD.
That left ASM starved for cash and inability to execute any meaningful strategy. Hence why David W left at short notice. Neither ASM no DW gave enough details why he left. No one leaves at such short notice if things are rosy and relationships cozy.

IG was probably hoping for Government handouts and a partner who will pay way more than what is worth for 50% of Dubbo. When none of that played out ASM had to rise at much lower levels. Imagine how good it would have been if ASM raised $300 - $400m at ~ $10 per share.

I find it impossible that no one at ASM would not have come up with the idea to do CR when the SP was defeating the laws of gravity. I really think the MD proposed while the Chairman did not like it and turned it down as he would have been diluted.

IG recently sold more ALK shares and I speculate it could be related to another ASM CR. Hence why I want to see ASM Q report so I can work out if ASM needs another CR and how large would that rise be - if IG plans to sell more ALK shares which is something I look forward as I want him to lose his grip on ALK.