Ann: EPA approves ESD and sets timetable for Arrowsmith North, page-121

The benefit I see from the Delphi deal was that the company had it's coffers filled without the need to issue NEW shares and it was done in such a way that it meant the option holders didn't need to drum up the millions of dollar needed to exercise the option conversion and it didn't destroy the share price.

The alternative approach for those options to be converted would have relied on the option holders to pay up. Now, unless the option holders are sitting on bags of cash they would need to fund that conversion somehow and I think it's likely that they would have had no choice but to sell some of their existing equity to generate the funds. That would have be awful for the Share Price if the three directors all dumped $11million in stock. In fact, it probably wasn't possible to do this and maintain a share price at the ~30cents the Delphi deal was done at.

So all around the benefits of having Delphi on the register are opaque, but the METHOD used to get them on board and what that achieved had big benefits.