If you're making rules like only if "management are not there", don't waste your time. They are entrenched and retail shareholders can walk or stay. Why? The top have only got stronger with a large take-up at 4.25 cents.
From their perspective, they love dilution of the retail holders as it increases their % of the project. This is not unusual in the slightest and they would have had a part of orchestrating a low price rather than 5 or higher imo. They look at the long term picture.
So maybe come back at each of the GM's and see if your criteria have been met I.e. A change at the top. it's that or think about changing your criteria.
Ann: Arbitration Update, page-67
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