Simple calculation. Roughly 10% dilution for the shares plus 5%...

Simple calculation. Roughly 10% dilution for the shares plus 5% for the options. Total (eventual) share dilution: 15% of current stock.

I agree a rights issue is a far fairer system and I have said so before. However the board would then have to stump up for around 25% of the issue or risk diluting their share of the company. Something I don't think we will see.

On the positive side, at least the board will be paying their own wages for the next 6 months or so.

I am still looking forward to the Quarterly report. 3500 billets processed per week should make quite a tidy pile of veneer, even if they haven't sold it all!