1. Cheaper to pay shares then promise lucrative salaries with...

1. Cheaper to pay shares then promise lucrative salaries with money they do not have.

2. Where is the incentive for management to take measured risks if they do not have exposure to SP growth?

3. Where is the alignment from BoD & shareholders if they are not shareholders themselves? That is poor governance.

To answer your question. I for one would not buy shares on-market in explore co if I could use that same money to invest in much higher quality assets and opportunities.

It would be heavily implied to attract and retain quality management and talent, an explore co. must pay up. No brainer isn't it? If shareholders are dissatisfied with the current prospects then like Datt has done they can call an EGM.