Ann: Half Year Accounts, page-10

There are no profits. The shareholders will be forced to fund their inflated remuneration through dilution and raising soon enough.

I've seen it happen many times in small cap companies. 'Leaders' that seem to think it's totally fine to draw down on the resources of their underperforming company to pay themselves high remuneration, even though they are responsible for underperformance. Shareholders always 'vote' their remuneration in (well the proxy vote by the shareholders that don't actually vote falls in their favour).

Dilute and raise, dilute and raise, dilute and raise... Repeat until all the sardines are finished.