big picture, page-30

That was the note that i read, i saw the 30% but didnt do the calc to notice that the US$25 was not the 30% looking now pretty obvious.

MGMT discretion could be in relation to both wether to accept more apps or how they will scale. But having said the aove prob in relation to if.

I would hve presumed that MGMT would want to take as much as possible, as they choose to accept less i would say that is positive as they are minimising dilution and have confidence in cash flow being positive