Sig,
"As for the Chairman; He probably joined for an annual Non-Exec Director’s Fee of $50K to $100K or more, which in Angola would be a great deal of money"
Perhaps a sign on fee of $14m? If he ain't got it and Smyth ain't got it then his associates have. Perhaps a combination?
Disgraceful BRR today and MS is scared the issue won't be taken up. Perhaps the underwriter does have a few non-public conditions...