Agree, and your point about management's sunk costs on purchasing shares makes it all the more confusing for me - they're privvy to the realities of the project, and are incentivised to take actions that best help the share price because of the alignment. The logical deduction from that is they truly believe this is a more value accretive direction than selling to Renault and distributing to shareholders. I don't see getting paid a wage (lifestyle company) as a relevant factor here, they haven't fit that MO previously.
I'm going to wait now until we know more about the deal, but for me personally, I have absolutely no trust in management anymore. In reality that just means I don't trust the vision nor their means to achieve it. I'll hold for now despite them, as I can accept further dilution should be outweighed by the eventual sale of the asset if this doesn't work out.
GLN Price at posting:
12.0¢ Sentiment: None Disclosure: Held
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