I'm surprised more people aren't outraged at this, ever since the new MD and CEO started and got his remuneration package.
During this phase, he gets more performance shares the lower the share price is. They literally gave him an enourmous remuneration package that encourages a lower share price providing he meets miletsones that are pretty much already in the bag (and priced in).
Then - suprise surprise the share price is whacked again by this capital raise right at this point, and the shorters received cheap shares to cover their shorts.
Arafura Rare Earths Ltd, page-1046
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