Ann: Results of Meeting, page-58

Management arent held to account and have a scattergun approach to capital deployment because theres always more that can be raised. Whilst as suggested earlier its not a massive deal re dilution that these free shares to BL and PC are allocated; theyre symptomatic of this lassez faire approach to spending that it feels a bit like the company has gotten used to. The SOI theme and effect on EPS has been mentioned somewhere and i suppose some SH have made what they feel is a compelling counter. Well what is the bang for buck that these huge raises have demonstrated and do they seem like strategic capital allocation for a pool of cash that should be considered finite? I feel like many on this forum actually do feel this and are not purely frustrated cos SP is lower than their buy price. What drives me crazy about SYA is they seem to keep getting away with this without any major repercussions. I mean how much is the accumulated value of BL and PCs shares worth relative to the recent 200m cap raise?