This does not pass the pub test.
So we have an insane 10 billion shares on issue and we are seeking to potentially increase the shares on issue by 50% with 5 billion options (assuming options are converted in the future) to pay for advisory services where the outcome was a failed takeover of another company.
This is just horrible dilution for existing shareholders, not to mention the fall in market cap that generally occurs after a share consolidation.
Ann: Proposed Takeover Bid Not to Proceed, page-3
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