Ann: Notice of General Meeting/Proxy Form, page-7

Strange that you prefer Peformance Rights? PRs, when issued and vested, are literally "free shares". They are issued for zero cost and are purely dilutive to shareholder value. They work in circumstances where the performance criteria on which they vest is clear, aligned with value, and when a strong Board has oversight over both the granting and the vesting decisions. Often they just end up being free shares.

I like having Directors with "skin in the game". In fact I only invest in companies where the Board has strong representation from people with shares. Show me a single company which has performed well with Directors who only own a small token holding or PRs?

This placement and loan makes sense to me. Welborn is subscribing for new shares at 23cents each and the purchase is funded by a loan from Fenix. No cash goes anywhere. Fenix has a holding lock on the shares and Welborn only gets the value of any rise in the share price from 23c which was the price when he joined. He has to pay back the loan before the shares vest or they are forfeited.

Not trying to change your mind and know that I am not going to. But makes sense to me. And I am backing that JW will do well out of these. In fact I am banking on it. If you hold stock then so are you!

Good luck!