elk equity raising and spp

As far as I am concerned the Equity raising and SPP is a rip off of existing shareholders and shows that the entire BOD is working to the detriment of other shareholders. IMO they have no business being in Elk's business plan or the shareholders' future.

I am going to vote against ALL of the resolutions Period.

Why I am against the equity raising and SPP?

First of all, it shows that there are funds available to Elk. The funds should have raised as debt and this would have prevented current shareholders from being diluted, would have been cheaper for the company as the share price would NOT have fallen by almost 40%, and the interest could have used to reduced income tax if and when Elk ever made a profit.

Second, as is usual in these situations shareholders see others getting shares allotted at a substantial discount to the market and much earlier than they get their shares.

This allows those that get their shares ahead of the small holders to sell out for a profit. This is clearly seen in the recent price action of Elk. And even worse, it allows those that have had no stake in the company until the equity raising to make an instant profit at the expence of current holders.

Third, it creates a class of favoured shareholders that allows them to offset the dilution in their holdings. Why should some d*ckhead directors whose actions have caused the share price to fall 90% be allowed to increase their holding by 10 times those of other holders?