Other than Simon Cheong and the free shares that have been given...

Other than Simon Cheong and the free shares that have been given to Phil Kearns the remaining directors have hardly any skin in the game. Further, either Bruce was unable or unwilling to take up his full allocation of 88k shares. He only took up 31.3k, short by 56.6k or a miserly $11k.

Taking home $100k pa and a per the AVJ accounts, having career as a successful business person, he does not look to be short of a quid. This would suggest that he is not confident in AVJ even at the significantly discounted price. If this was the deal of the century then you would move heaven and earth to find $11k.

Let's not forget that Phil Kearns is being issued a truck load of free shares for successfully navigating a 60% wealth destruction of shareholder wealth since being appointed MD.

Maybe Phil does not have the full confidence of the board (particularly Bruce, notwithstanding that they would have known each other since Phil Kearn's football days).

Something doesn't add up.