The other thing likely preventing director buying is an Odin GSA. I think that is the bit that everyone is missing - the JV can now go to customers with a fully funded project.
Looking at the Vintage deal the MEL directors have done a very good job with the structure of this. As much as I'd like the quantum of options to be lower - it is in line with what Vintage put together and the strike price is also quite comparable to the Vintage deal. All done now regardless.
Ann: $5m debt facility secured to deliver Odin gas to market, page-40
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