I haven't reviewed but aren't the performance rights mainly...

I haven't reviewed but aren't the performance rights mainly revenue related to management?

Also just because diplomatic language was used re Alto and PAC it doesn't mean there's something nefarious going on. It could just be a professional way of saying goodbye Alto.

The issue I have here is that they could have raised months ago and I never thought the debt facility would be approved - maybe I was the only one here to say that.

Pac said in their research note a raise was needed. Clearly they waited to get more dilution for their clients. Management should have pushed for a broker willing to do a CR end of last year or there abouts.