Ann: SPP and Second Tranche Placement-PLS.AX, page-132

To me a long term holder is holding more than a year. If you bought 5000 shares a year ago you paid 5c for each of them, or a grand total of $250 plus brokerage.

I very much doubt there are ANY long term (as in over a year) holders that have only 5000 or less shares. If they do they have been selling and taking profits along the way, they are not long term holders supporting the company.

Management/board of directors have done exactly the correct thing in this.

There may very well be some people that paid $1000 for 2500 shares in Feb-March and were wanting to be long term holders and it is those that missed the boat, but I can't think of a better way to have done the scaleback.

At the other end of the spectrum there are those long term supporters of the company with millions of shares and they only got to add a pittance to their holdings, so they missed out as well. Many of those people were not exactly rich but because they have been loyal to PLS for a couple of years have had a life changing event holding these shares, but have not been rewarded for doing so.

They went into the middle ground, the best they could do IMO.