Ann: Half Year Accounts , page-7

fidosnos, it's a pretty common scenario in the junior/explorer end... get others to front the money, but you end up with the equity. it's either
- options for a big slice if success comes along
- easy to hit earn-in milestones
- or big price differences between the vend and the "new investor"

and as I'm sure you know, that's the purpose equity market... I have expertise and plan, but I need your money to develop-it/explore-it/pay-for-it etc (and you better check the detail because I'll take as bigger piece of upside as you'll let me). for "outside" money, I expect nothing less than rape and pillage

However you'll also see that there was no dramatic share price re-rate on any of the performance share 3b's.... because the market expected all performance shares would be issued - they were included in the valuation from the beginning

I've tried to make this point plenty of times (with other posters)... if the milestones are simple to hit, include the new stock/options in your valuation from the very beginning. But most just want to talk up a "low" mkt cap

check out CZR for the worst case of inside vs outside miss-pricing I think I have ever seen. And surprise, surprise it's everybody's favourite midas touch geo Mark Creasey... pfft...like he got rich giving equity away