Ann: Issue of Shares, page-11

The communication is horrible and borderline unacceptable.... I have asked for more information in the remuneration report. However, they should still grow EPS by significantly more than 6% to offset this dilution.

This business is priced for bankruptcy with market cap equal to around NWC. So, you have to determine what matters and compare to all other investment opportunities on the ASX. You can find better articulated stock-based compensation, but then pay 10-15x earnings, maybe with a worse balance sheet.

Investing is about comparing to other opportunities, and focusing on what really matters. There is no perfect situation, that's what makes it so fun and challenging. (And especially if the asset is trading at 3x earnings.). For me, the absolute must haves are strong balance sheets, growing EPS and a ridiculous multiple. Here we still have this, albeit EPS will take a decent hit.

Pierre had some forecasts for NPAT/EPS which should be updated for this dilution + stock comp running through the P&L.