What it does mean is that I've heard it all, when it comes to defending management performance. Appeal to (alleged) authority is a common theme.
Completely reasonable for you to disagree with my position, but I would remind you that the Australian investment community is similarly not impressed with the IPO - ignore that warning at your peril. The idea that something is broken with the Australian market, and that the Canadian market will be a game changer, is questionable. It's a risky play, which is ok, but if the IPO proceeds and float price stagnates for the next 18 months - MCT holders are basically back to where they started (assuming ~6c based on current MC), and directors are enriched to the tune of $1.6m. Rewarding directors for breaking even is setting the bar too low IMO.
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