great post!
if you look at the 92 club. we hold 75% of the registry....from memory, this number hasn.t changed much since IPO, and the loyalty options and SPP did not shift this number much either.
i expect that one or two cornerstone investors will come on board shortly after PFS....to become a substantial holder in ARL by way of accumulation will be way more expensive.
ARL vs AUz vs CLQ, page-71
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