1. With EQN shares costing $0.20/share, I don't think there is...

1. With EQN shares costing $0.20/share, I don't think there is anything tangible in your theory with the possible exception of Directors getting additional fees. I am unsure of the cost/benefit there, I haven't deep dived in Directors fees pre and post.

2. The stamp duty is definitely an additional expense. Fees would have been applicable to a PF1 CR unless it was a non-underwritten rights issue. It's a moot point as it didn't happen. Of the Corp. Admin, I would presume some of that cost would be project specific ie would have been incurred under PF1 also. Agree Director's Fees, rent etc may be additional cost. Not less than $4M is going straight into Hammersley and that is 25% at current SP, a CR would have been conducted at a fair discount to $0.38 you would think.

4. The options are not free shares, they are $0.30 to exercise, a 50% premium to the IPO. I am sure all SH will be hoping all options get exercised with that strike.