LOLThe company is growing. It's a positive that management is...

LOL

The company is growing. It's a positive that management is active (silver linings, I guess?).

But the company / directors / insiders have a very favourable strucutre and system in place. Including, but not limited to, vesting of 'performance' options. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02652696-6A1144494 (e.g. see table at bottom of page 61 and 62).

Rovira picks up 20m shares for being employeed for 24months....

He also picks up 10m shares for a market cap of $50m (and yes, he can achieve this via mergers).

Then picks up a further 10m shares for a market cap of $75m (and again, yes, he can achieve this via mergers).

All up he picks up 80m options here.

In addition to the above.

In the first 6 months of this calendar year, the company issued at least 100m options to 'empoyees' and a 'third party' contractor. (e.g. see pages 21 onwards of half year report - https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02785547-6A1198569)

But just reiterating that this conduct was flagged by a number of people on the KWR thread before the merger. Originaly KWR shareholders will now own less than 10% of this company (actually probably closer to 5% now). They've been diluted to nothing, and will continue to be diluted to nothing.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02788332-6A1199743

Diluted by circa 50% due to the cap raise of $12m

Also diluted by nearly 50% for the merger with Linden.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02788333-6A1199746

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02788334-6A1199748

Shares on issue

As at 31 Decmceber 2023 - 2.4 billion shares on issue (see page 20 of half year report) - https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02785547-6A1198569

$12m raise at 0.014 - 857,142,857

Merger with Linden (214m Linden shares at 6.9 BTR share for each Linden Share) - 1,476,600,000 (1.5 billion)

Following this next little expansion, BTR will have a cute 4,704,121,709 shares on issue. Yes, more than 4.7 billion shares on issue.

Each to their own I guess.