I am making no allegations against any director but the share...

I am making no allegations against any director but the share trading policy on ALY's website quite clearly states that the 5 trading days before a quarterly or half yearly is released to the ASX is a blackout period.

To not comply with your own corporate governance policies is not good corporate governance which is a view undoubtedly shared by the ASA.

As for the cash in the bank, my understanding from reading the announcements from late last year was that $4m had to be raised to satisfy the deal with Grosvenor Gold therefore the money was always going to be raised from some source. But in my view it could be construed to be an advantage if you buy shares possibly knowing an underwriting was being negotiated at the same price. Most investors i know would like to buy shares if they know a significant placement would occur at the same price.

In my personal view not good corporate governance even if any director did not gain an advantage but I won't be investing. Good luck with your investment and faith in the directors. I hope your faith is rewarded.