Ann: Placement and SPP , page-8

pa,
SP allready down to $0.43 today and i think it will fall even further.
No way am i now going to take part in the SPP as you would have to be a dill to pay above the current market price.
Seems a strange move by management when only a month or two ago they stated they had plenty of cash at hand.
There are SO MANY COMPANIES in cash raising positions at the moment that i am not and can not afford to participate in all of them and that is only the listed companies I have shares in.
In all instances, the shares are currently trading BELOW what the placements are priced at and usually they drop even further after coming onto the market.
I will buy 33,333 shares at market but not in the SPP to maintain my equity in AQR however the management will need a magic wand to fill the placement from their shareholders given the current trend.
This exercise has been poorly timed by management and i am placing a cross against their performance ledger in this instance.
Personally i think they would be better served speeding up the Joint Venture with a Major process and conserving cash by reducing their drilling program until they have a signed off deal with a major who can then pay these costs, rather than diluting their shareholders.
That then gives reason to question if in fact a partnership with a major is likely to happen in the forseeable future, as what i have just stated above is not rocket science but simply common sense if they are near to signing a deal???
Cheers
dapper