Ann: Entitlement Offer Booklet, page-7

On more than just one level, it's a bit strange (not least of which it being a 1 for 50 entitlement offer... you won't see too many of those over a 40-year investing career).

They could have picked up the phone and called the handful of us here on HotCopper who follow the stock and they would have had commitments for $4.7m within an hour or two.

But that they went entitlement route, instead of selective placement (which would have been the logical path in 99.9% of cases for a tiny raising such as this one), is a statement about how they view equitable treatment of all shareholders, I like t think.

And then there's the costs involved - just $30,000.
Which service provider does entitlement offers for just $30k?

Maybe Lev is getting his wife and kids and other relatives to handle all the paperwork and process all the payments at the next family barbecue.

It is the idiosyncratic nature of the people involved in this business which I think is what will create shareholder value, which is why I am a shareholder.

But sometimes idiosyncratic personalities throw up some other weird stuff with which one has to contend.

Such as today's update.

A bit weird, but that's simply what you get when you hitch your wagon to these kinds of unusual horses.

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