director shares, page-35

if it was so damn hard to raise cash ($1m at 8c) how do they expect to raise cash through 50m shares? how hard was it really to raise the $1m, when the directors were major subscribers? it just doesn't sit well with me, sorry. directors are in at a massive discount that a dilution of such magnitude is not even going to put a dent in their profits.

fact of the matter is, they didn't have to raise cash to seal the refurb contract - there was enough in the bank. they could have done it after the contract was announced and potentially at a higher price - good for shareholders, not good for directors or their "friends".