what investor relations?, page-21

maybe they could have gone with convertable notes and then A1 buy back the notes before they mature to prevent dilution. another way is to provide a financer with a royalty on the first so much gold produced, that also reduces dilution.
FInance to leverage, or placements are not such a bad thing but many companies squander the money coming in (look at IGR)and outfits like Mak bank tend to put the companies over a barrel with conditions (look at EVG)while funds tend to ask for oppies with the shares at low exercise prices,

I would say A1 had done right on a corporate level in its investing (second hand machinery and unhedged) but the MDs only downfall in hind-sight is he should have realised he had no expertise in plant design and function and got managers in earlier.

As for a dividend I hope not as the company needs to be reinvesting cash-flow into exploration, and accumulting cash for CAPEX of an alternative production source with a heap leach processing facility. THey should be working on getting permiting for it now IMHO, while at the same time concentating all exploration on shellow drilling of their laterite ore prospects for heap leaching while gold prices are at an all time high.

Pitty no confirmation of ROM ore grade and recoveries in the latest presentation.