Cheers, furniture. :) I did get out of TTE when it was 1.1c,...

Cheers, furniture. :) I did get out of TTE when it was 1.1c, though, and got out of LOM at .006c, so I missed the run in both of them, and pretty well got out at the bottom of each.

I do think there are some very good aspects to GLA: when it had a market cap of $6.5m, it was raising $6m, and had >$1.3m cash, so it was to have more cash than market cap- my platform and HC as now doubed the MC, due to the extra shares on offer, but it still has 50% of cash, even with double the MC.

What also interests me is that, one month prior to this capital raising, the company was going to raise capital @ 9cps, when the SP was at about 12.5-13cps. No prospectus was put out, so perhaps Pato's and GLA just agreed to raise at a lower price, with much better conditions. I made a post early on this- comparing how much better the second raising was. I think it is why this one has done so well- it looks like people just leapt upon it. It would have been hell for long-term shareholders to have a raising so low. As people who have read the threads from a month or so ago, there was only two of us discussing this share. Old-timers may have moved on. But, when I read the threads, there weren't majorly negative posts either, and that is always a comfort.

If it wasn't for the second raising, at a lower price, I probably wouldn't have been so interested, but for a share that was 13c, and knocked down due to a capital raising, to 6c, it peaked my interest. I bought in @ 6.2c, which was kind of the peak price around the capital raising. I have said this before, but the price at the close of the raising was 5.7c. $4.2m came in via the raising- and that is before the underwriting shares have come on board (those ones are not on yet, I don't think). So, every single dollar and cent of our $4.2m paid a premium for 6c shares in this company, which seems rare in a capital raising, where usually people won't buy in unless the share price is well above the raising price.

Why did they get 70% subscription at a premium? I have no idea! How is this tiny company able to raise $6m, when many of our ASX companies are scrambling to get $2m in a raising? Again, no clue. The only thing I can imagine is that @ 6c, it made the company so undervalued, that people thought they have a piece of it. In mid-May 2011, the SP was 37c. Now it's 6.4c.

This looks like a company that doesn't have much wrong with it (I can't see anything), that raised at a time when the capital and retail markets were bad, and hit its bottom. The SP was 10c <2 months ago, in mid-February.

My conclusion, so far (and it is really early days since the capital raising) is that this company is not broken: evidenced by being able to raise $6m with no fuss. Money talks, I guess, and when I saw the results of the CR, I realised that a lot felt like me, and paid for the privilege. No-one had any idea at how the options would be priced, and GLA has not been a particularly well known company, so there was a risk. Hopefully, >$6m won't be wrong.

Good luck, furniture, if you buy in. It would be great if we all made a buck on this. Due to my buy-in price, I am not hugely ahead, but if she doesn't fall off a cliff, I'll be happy. :)