I did read it wrong, the 47.9m shares doesn't include directors but this now leads to the question of just how much are directors actually putting in out of their own pockets.
Tranche 2 says 4,657,895 shares yet to be issued so if one times these shares by 19 cents it comes out to $885,000.05, not even one million dollars
Ann: Application for quotation of securities - PAA, page-4
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