to buy or hold pre 5.7 dilution?, page-35

It appears that they have already been spoken for and issueing a prospectus is just a formality

Yes, the shares have beeb allocated among the various involved parties as per the ASX presentation on 27th March, and also in the Notice of Meeting.

There is a pretty good incentive for the directors to make a success of it, in terms of the 'performance rights'. And DJ Carmichael will have about 1% of the company too.

I have no problem with it being a bit of a gravy train for the directors, as long as they share it with the shareholders. I have seen a lot of IPOs and issues in my time, and this one is better than a lot of them. There has to be a pretty good incentive for an individual to expend all the time, money, and effort to set it all up. There seems no doubt about the director's enthusiasm and bona fides.