Ann: Notice of Annual General Meeting/Proxy Form, page-15

Everyone is entitled to their opinion, mine just differs from yours.
The success of a company is dictated in a large way by the decisions of management (including how they renumerate themselves) and if these decisions lead to a 50% dilution (not including potential 10% per year in CR's) then it makes me question my investment in that company. Having looked back at other unsuccessful investments I have made in the past, looking at things like this can provide early warning signals (not necessarily the case here).
I thought that is what HC is all about, sharing thoughts and experiences.
If a company expands by 1000% it takes some very careful management and luck. I am just not sure gifting yourself big chunks of the company can be considered careful management, especially when you are paid so well in the first place. If management were paid a normal or low salary with very large bonuses for success then I would be happy.
Just my opinion, I hold a reasonable amount of shares but now will take a 10-20% profit rather than waiting out for multi bagger territory due to this.