Today the $5,000 of AML shares arrived in my Commsec account. In the earlier statement it says:
"... 243 shareholders have lodged subscriptions for an aggregate of $1,078,335."
I've got no idea how many AML shareholders receivd the offer, but guess it wouldn't be more than 1,000. So at a guess, about 25% of shareholders took it up. Someone with better knowledge, please help out.
The offer was made when the share price was a bit over 32 cents (from memory), but a few days before the closing date the share price had dipped below 28 cents. If we compare this offer to the 2017 offer to sofisticated buyers, the share price was over 20 cents and the offer was much lower (at about 13 cents from memory). The share price took a long time to recover from the 2017 offer. I think management realised that the 2017 offer was too generous (at the time some hot copper posters made that pretty clear). So management listened, and the 2018 offer ended up being a bit too close to the bone. Neverheless, AML now has the dollars in the bank and the massive drilling campaign is going ahead.
The current share price has held up in the last few weeks of trouble. I think we are on the launching pad again. It will take a bit of time for the market to settle, and for the new shares to be traded (which always seems to hold the share price down). Then we can anticipate good news from the drilling campaign. This resource is exceptional.
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Today the $5,000 of AML shares arrived in my Commsec account. In...
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