Sooooo... let me get this straight...
The directors paid money in exchange for newly issued shares.
Then they get paid from the money raised.
So in theory, you could cancel the money out of the equation as it's being added on one side and removed on the other, which means management could actually be considered as being paid for their work by the extra shares they have received.
I haven't done the actual amounts (couldn't be bothered really), but this otherwise sounds somewhat ok to me.
Ann: Non-Renounceable Rights Issue - Results of Issue, page-7
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