Ann: Minbos Investor Presentation - Angola Rising, page-492

"I think they were probably a bit naive and just did what the brokers said - of course the brokers are trying to get the best deal for their clients and don’t give 2 hoots about existing holders."

Ironically Lindsay had previous experience in equities capital market, so if "they were a bit naive and just did what the brokers said", he must have been the worst equities research analyst in the world when he was doing that. Either that, or the situation has been out of control after a failed negotiation and offering ITM options were the only way to keep sophs from walking away.

But of course a detailed explanation from the man would be much more than welcome.

At best the upcoming explanation will be something general and high level like the dear investor letter. If he had the gut to be transparent, he wouldn't be the Lindsay that I have known the last 3 years.