As a long term shareholder who sold out recently...8.9% is fine...

As a long term shareholder who sold out recently...

8.9% is fine IF you entered the market at the price to make it 8.9%. Other than some traders, virtually everyone who held shares has a capitol loss.

You need to think in terms of what the shares cost you..
and how much confidence you have in the management.

There are others that might be better. As someone who had Valad, Elders, APZ shares and took heavy losses, a retail investor is really low in the peaking order from the directors, institutional investors, trading houses, then us. We are basically the mugs in the chain.

APZ has the advantage now that prices have stablised for REIT holdings but with some modest downside risk (unlike in 2008 where things went down 50 to 80%), but with APZs disclosure record, it is hard to be sure what is still to come.

The company should have reaslised that a CR will move the SP down to the price, so they would have been better off discounting it say 10%.
Also, all the companies i have had dealings which did CR, went on to loose more money. Part of the reason is the lack of talent in the management / board pool, the other is it is "free" money.

They would have been better to do the 15% issue to the big holders, one this year and another next year, then the SP would not have suffered. My gut tells me the situation has been to some extent engineered to remove retail holders, the way the announcements have been done.

You don't really need a plan, many just state "to cover capitol needs and look for new opportunities".
When you have bank money, then your business plan needs to generate interest + margin, say 8% for the money and at least 5% more.
When you get free money with a CR, then whatever you earn is positive and sold as such. When a highly capitolised company is earning < 5% say, it is really generating no wealth.

Gavin Hawkins was only part of the team, so by in large, all the players that created the mess, are still running the show.

Unfortunately, we live in a time where companies can do or say anything they want which is technically within the law, but not fare or morel.