Ann: Prospectus, page-12

Thanks 3500, I don't think I'm in the same league as other hearts including yourself.. :/

I think there might be a few rational reasons for this, but share your concern (this is only a small position for me currently).

1. that value will increase as SP increases, the worrying point about that is the current FOT owners seem to be getting a great deal.

There is always a dilemma for this though, you either over-dilute a share, causing a fully-valued share with little room for dilution without significant discounts in the future.. or you under-dilute a share and risk no price appreciation and getting less money in the long run.

Both have downsides and upsides.

2. he might feel he is spread too thin, he owns two private businesses as well as being director of two ASX stocks (DCC and FOT). Both being high-growth prospects he may be trying to make a quick buck while still having some upside without the effort.

I don't think this will plateau looking at the business model, but I could be wrong.

... In summary the other point is to get the performance rights, they need profit within first 2 years, so even if its 500k profit, that's still cheap looking at traditional metrics.. I don't really understand the plan but will hold while its strongly trending up

Also who knows, maybe he bought most of the cap-raise shares also