Very well said. Though I would add every year is a dilutive year for DRO (see table below)
Year Shares on Issue Percentage Change
2016 135.0 -
2017 156.4 +15.8%
2018 182.1 +16.4%
2019 252.5 +38.9%
2020 389.9 +54.4%
2021 418.2 +7.2%
2022 430.0 +2.8%
2023 611.3 +42.2%
There is only 2 out of the last 7 years where the dilution is less than 15% and 3/7 have massive dilutions around 40%.
This is why the shareholder return over those 7 years is zero while revenue has grown more than 50 times. Oleg's remuneration has grown by a double digit multiple as well.
Over the past six months I have been constantly attacked on this site for questioning management over unjustified dilutions. As the @TerribleTadpole has observed of me "Nothing has changed regarding his views on dilution and remuneration." Seems like a few more people are starting to get it. Really pleasing to see people actively voting no to this BS. Management of small companies are not the friends of small shareholders. Hopefully, this gets voted down.
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Very well said. Though I would add every year is a dilutive year...
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