Ann: Vmoto's 2Q24 Market Update, page-42

We are very lucky to have VMT managed by major shareholders who are more interested in owning more shares than getting cash rewards.

They are also very careful not to dilute themselves and us just to create bigger jobs.

Whilst a few million dollars worth of shares will be issued to key personal every year if the share price grows 20% pa for the previous three year periods the profits generated coupled with the policy of spreading the start up risk in new markets with others via JV and earning ownership of customers businesses through discounts on orders will mean that growth in number of shares will cause minimal dilation which will be swamped by growth in earnings as you have said.