The other side to that argument, of course, is that a lower SPP...

The other side to that argument, of course, is that a lower SPP share value means more dilution required. With 30 million SOI so long maintained, I'm sure that Fred is not going to give up his long-held effort to keep a majority of those shares to his family. He has a lot of money in this, so it is hardly in his best interest to raise funds at $6.

Nor is it really in those of any LT holder. We all have those same effective interests.

I would reckon that pretty well all of those notes will convert to equity when he needs it to happen; there have been some pretty loyal (and well invested) major holders since the start.

I'm not sure how much he would need to get this thing commercialised, I'm sure he mentioned something years ago but I can't find it (anybody else know? ). I am guessing the market will be well primed when they do finally trade - but I see no way it will ever be at this value in open trade again - so why would an spp be down here?

If he were wanting to stay at less than (say) 2% dilution, that's 600,000 shares maximum; at $20/ share it's $12M he raises. There's still a heap of upside to that .... so it comes down to what he needs to commercialise, and I can't see too many ways of many of any of those shares being available to a general spp after the sophs have had their go.

It's all good, though, from my perspective.

Finally...