In my opinion, once the Board realised they were onto a major discovery here they didn’t mess about in issuing themselves performance rights. 17.22% dilution to existing shareholders is pretty outrageous.
In fact, the whole Board spill now looks to me to have been about the new Directors getting in and issuing these Performance Rights prior to the discovery announcement.
The Loyalty Option Offer was arguably another sign of their confidence.
Whilst I find this unpalatable, experience says there is likely a lot of upside to come here for ARN holders.
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