Simple calculation. Roughly 10% dilution for the shares plus 5% for the options. Total (eventual) share dilution: 15% of current stock.
I agree a rights issue is a far fairer system and I have said so before. However the board would then have to stump up for around 25% of the issue or risk diluting their share of the company. Something I don't think we will see.
On the positive side, at least the board will be paying their own wages for the next 6 months or so.
I am still looking forward to the Quarterly report. 3500 billets processed per week should make quite a tidy pile of veneer, even if they haven't sold it all!
Ann: Queensland Weather Conditions , page-8
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