The dilution would have been a lot worst if Ron Lauder had not...

The dilution would have been a lot worst if Ron Lauder had not sold his shares at 4cts. It prompted FLC to place out an equal amount of shares as what RWL sold, at 12cts. Other words, FLC received an injection of capital at 12cts. For those of us existing and new shareholders who took the placement or subscribed for our entitlement got it at a blended price at 8cts.

Richard Irving and the previous directors did not subscribe for their shares. They were truly the ones who were diluted. So, it's not entirely true the Directors were looking out for themselves. Why did they not subscribe? I don't know. Maybe they ran out of Funds. Maybe they are taking some responsibilities for using project finance for working capital and contravening some covenants? Who really knows except themselves.