If you think EM1 has massive dilution have a look at ESH in the past 12 months just with share placements let alone options to be exercised in future. These options have been around for nearly 4 years so have been factored in for along time. Not to mention the extra millions of funds gained from the exercise which has already been announced. Good to see TMH still making posts from it's lackies
Ann: Appendix 2A, page-7
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