Hunter Hall got caught up in the Peter Hall dummy spit and sudden decision to get out. The new mandate taken on under Pengana had limits on market cap, which AVH did not fit. So, regardless of merit the new owners of HH had to dump due to their constitution.
Regal on the other hand are purely in it for the buck. Which is entirely fair enough. Full credit to them.
The 'problem' here is that management were stupid / desperate enough to go to someone like Regal and sell them cheap equity. There was never any other outcome they should have expected, meaning they were either naive or didn't give enough weight to the interests of small shareholders. or, heaven forbid, they bought the line that Regal was a long-term holder...haha...
But, an aligned long-term cornerstone investor is exactly what they need. Someone that believe in the technology and is willing to support it. Not just for a quick buck but because of what it can do and, ultimately, a truckload more return on their investment. Just not so easy to come by in Australia. Perhaps they should go to the US boards, just not the right time?
Whichever way you spin this, without management coming up with something left field, which they've shown no skill in doing, then small shareholders may be in for a tough time, regardless. As a long term shareholder i really don't like the position I find myself in. But, I made my bed....
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