Probably to the same mates of Clark that got the discounted...

Probably to the same mates of Clark that got the discounted shares in the initial placement. What a great move by our directors. First they piss off existing shareholders by stealing money and giving it to their mates. Then they find out what its like doing a deal with the devil, when the new shareholders dump the shares - initially to make a stag gain, and now to stem losses. And here's a pearler from the company itself:

"The board has placed great emphasis on selecting new shareholders who the board believes will be long term supporters of the Company."

As for Clark's stooges on the Board, are they more stupid and pathetic for:

A. Voting in favour of share buybacks for the duration of their Board participation, and then doing a 180 at the behest of Clark; or

B. Highlighting their idiocy by slavishly participating in the buyback at $1.26, when they could have bought shares on market for a lower price at any time in the month leading up to the SPP closing?

I just can't believe Peter Hall sullied his name in this manner ...