Downer, page-9

It’s not that I necessarily think 11 or 12c is over-valued in an objective sense. It’s more a case of me believing AZS’s share price will collapse further (whatever current price may be) in the lead up and immediate aftermath of the coming cap raise.

Finding a good entry with AZS has historically been about timing ebb & flow of cap raises. Unfortunately, over the past several years, the investment narrative has totally derailed (due to Teck buy-back, disappointing exploration results at Prom & Op, etc) while raises have continued to roll in with sickening regularity

End result is that AZS raises are now always value destructive. And the associated share price decline is always significant and sustained. Even new capital jumping on board at sweetheart WVAP discounts get butchered before long

And so I think it’s completely non sensible to buy AZS shares in the lead up to a raise. And the market obviously agrees with me too. Hence the collapsing price over recent weeks andsickly thin buy queue