'A $3 million loan is 10% of the company value. A couple more of...

'A $3 million loan is 10% of the company value. A couple more of those and he's up to 50-60% of the company'


There is still one year to convert the loan into equity. If the share price doubles, 3 million will be 5% of the market cap. The MD wants to have a higher ownership, so the company won't be a hostile takeover and he would have a higher bargaining power IMO

Looking at the changes in his position:
He spent $300k converting his 20c options
He spent $2,030,000 buying shares at 16.5c.

He uses every opportunity to increase his holding. He may even start buying on market again?