$300m capital raised in 2009 to pay down debt... saving of $24m...

$300m capital raised in 2009 to pay down debt... saving of $24m debt interest (based on 8% rate). Without that capital raising in 2012 API would post a net loss instead of profit.

Essentially, holder's money ($300m) produced return on investment 8%, BUT subscribed at $0.65... now lost almost 50% of face value ($0.39; used to be much lower).

Term deposit you can get 6% return and is capital guaranteed.

Holders saved the company from liquidation, but holders got burnt. API's net debt compare to 2011, still having gone down, but paying massive dividends instead.

May be I'm a stupid investor, I don't see how:
1) <1% margin
2) Big debt compare to net profit (net profit because '09 raising paid down debt)
3) Increase competitions

is a great investment and undervalued???

From what I understand about business, if your margin is small (eg petrol stations, discount stores)... last things you want are debt and not retaining cash/profit.