I would note that trust is a commodity which is in thin supply...

I would note that trust is a commodity which is in thin supply with AJX; the board has done nothing to retain the trust which was given intrinsically to it early on. There have been too many promises broken, missed targets, exaggerated claims and vanished agreements to deserve wholesale faith in what is said.

The updated board is recent in its appointments, and whilst most people are happy the offer a level of trust in the directors nominated, I think most are also cautious of giving the blind faith that Nick and Gavin enjoyed (and abused) for so long. Once bitten, twice shy, to coin a phrase. The new directors will need to repair the damage done, and earn the level of trust which you seem to think we should provide blindly.

@GeorgieE , I concur with your sentiments here. As far as I can see, there is no reason why the allowance should be freed up - the listing rules are there for a reason. If vast numbers of shares are needed to be issued outside the allowance to retain room for the conversion, they can return to the shareholders and ask. If they need to move that quickly that they can't organise an EGM in time, I shudder to think what the reasons would be. Alternatively, if a conversion event takes place, there will be plenty of notice to arrange for an EGM to cover the shares if more have been issued in the meantime. As far as I can tell, they still have a substantial availability under the cap anyway.