Ann: Annual Report to shareholders, page-24

The shares they hold are irrelevant - if they truly cared about the value of those, they wouldn't be continuously diluting their value to get money now in the form of direct salary and bonuses. Rushing to run the kitty dry to get cash money now is a surefire sign that they have little care for the worth of their shares later. The amount of that cash they reinvest into CHP is such a small percentage of their earnings its inconsequential.

It doesn't bother you at all that they're going to dilute you again (after having done so to an egregious extent just a few months ago) to pay their enormously inflated remuneration rather than on business operations or further investment? Do you understand that the more equity they issue, the more unlikely it is that you will recoup your extant losses? Even if some of these investments are liquidated, if they proceed with more massive placements in the interim at prices this low, the inflation in EV offsets any potential gains in SP to maintain a realistic valuation, so you would be stuck with your extant 50% loss at a minimum. Only newcomers would benefit, not prior unquestionably loyal investors such as yourself.

S.181 of the Corporations Act requires directors to act in good faith to forward the best interests of the company (and by extension its shareholders), not only for their own direct and immediate personal benefit. Appearances suggest they may be struggling with this concept. If they do the same to RFN as they did to CMY (99% loss of value to any holder naive enough to stay on after Dykes took charge), there will be little public goodwill left for any other ventures they demand board representation with.