Shareholders should be disappointed by the perceived generosity...

Shareholders should be disappointed by the perceived generosity of the Chairman, Non executive directors, CEO and CFO in regards to their preparedness to take a renumeration haircut. If you analyse the proposed salary cost reductions for the management as per the recent ASX announcement.
It is my understanding that the proposal is that each individual will be taking between 48-100% of their previous salary in cash and the balance is to be received in equivalent share value. If you assume the eight senior executives are being paid an average of $250k each ($1200K) per annum and the average share take will be say 60%. Therefore over the next 12 months they will be issued $720k worth of shares. At todays ATS share price of .028 that equals the issue of another 25.7 million shares. They are not sacrificing much at all! This represents a further dilution of worth for existing shareholders and the acquisitions of a heap of shares for themselves at a very cheap price. I believe company already has too many shares on issue (nearly 1 billion). ATS in my opinion have a history of issuing shares on very favourable terms to these people as incentives and within their salary packages. I often hear that the management have skin in the game. That skin has mostly been acquired very cheaply at the time of issuing. They have enjoyed a well paid salary particularly when you consider the performance they have achieved as a group to date. I believe to take a straight salary cut would have shown a better commitment. If the management perceive the company to have such a good future, I don't understand why don't step up and buy the company. It is only worth $25 mill. I am also a little sceptical about the dialogue coming from the company about the refinancing, by that I mean, who was driving that decision Macquarie or ATS. Can anyone tell me, is the line of credit still available to ATS at their discretion going forward or have they foregone the facility altogether. The announcement from my perspective was a little ambiguous. Raising finance going forward it going to be very tough.