Very impressed, page-30

Bond and debt holders hold a certain percentage (usually high percentage) of shareholder voting power which has ability to steer a company in certain directions in terms of management. By allowing options to exercise at a certain price, this allows for further dilution of shares into an overly exhaustive diluted market. As an example, look at what happened to Cockatoo coal until it changed over to Baralaba coal last year where the major American Coal investor made mention that there were way too many shares on hand and had to be diluted. This wasn't a company decision, but rather a debt holders decision.

I seriously believe that AGO (IMO) need to reduce their debt position, have money in the bank to see them thru future rough periods and then start to reduce their share numbers through buy back rather than a pro rata system. This reduction with increased return from IO and lithiumn ventures will see AGO in a much viable position.