Yeah but they can emit new shares on the primary market later.
If the board thinks the SP is undervalued, they could by 40 million shares at an average of $2 for instance, get rid of these shares, and emit 40 million new shares later on when the SP is at $4. That's a bloody good investment.
So the question is: does the board think the SP is undervalued?
Banter and General Comments, page-6404
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