First, NO certainty of a cr, especially once full financing is...

First, NO certainty of a cr, especially once full financing is achieved.

Second, concerning the share structure, are there any options that can be exercised? The only ones I've found in a cursory examination are 29.2M performance rights issued for "nil consideration." Share price is the best benchmark for performance. Does the ATC management think itself worthy of FREE shares?

I find the almost blase acceptance of another cr reveals a lack of fiscal discipline, and a disregard for a company's reputation, eg. serial capital raiser. To be incrementally diluted is akin to, "death by a thousand cuts." How about management who are getting FREE shares hold them, AND BUY an equal amount of shares on market. As said in The Castle, "You're dreamin'!"

Finally, the optics of a cr BEFORE full financing smells to me of a whiff of desperation, or is it management saying, "Hey, don't mess with my lifestyle."  Once the FY is done, then maybe.

OV

PS This investment to me is about HPA.