Ann: Notice of General Meeting & Letter to Shareholders, page-29

Completely agree. You’ve exactly captured my sentiment. That’s precisely the ‘risk’ I’m referring to - that directors feel they need to press ahead with debt-to-develop rather than walk away from a (potentially) punitive deal. Fiduciary duties notwithstanding, there have been plenty of occasions where management teams have pressed ahead with a decision even though it’s highly unlikely to be accretive for shareholders. South32 pushing ahead with the development of Taylor/Hermosa is a recent glaring example of this.