Ann: Placement Share Issue Tranche 1 , page-8

In isolation, I could accept this, however when you sell at 12% discount to market, what comes first the chicken or the egg?
The sale at discount prempted a fall in SP in my opinion, this was a poor decision, if they believed in the stock they would have sold at market to preferrred institutions, or at a smaller discount.
This decision shows a lack of faith, I guess if the BFS doesnt go through they have $ in the bank for the next few years of salaries? for the admin staff.
Top heavy?
I understand fieldwork has been reduced significantly.