Generous KYK Shareholders fund Richard White's position

I am perplexed by the decision to sell Ricahrd White (of Wisetech fame) 20% of the company at 6.6c a share.

Whilst it's "great' that the shares have spiked (in the short term) to 25c, it is effectively shareholders that have funded Richard's discounted share buy.

Why is this ?

Well, with KYK stock trading at 10.5c, the Board decided to sell 124.35m shares at 6.6c to existing shareholders plus Richard White. Why should he get the opportunity to buy such cheap stock? Why weren't existing investors given the opportunity to buy them?

And why wouldn't he buy them?! His 45m shares were 36% of all new shares offered in the offer. Smart - that's why he has so much money.

One must ask what value will Richard White bring to KYK shareholders who have funded his discounted entry into the company? Why hasn't Richard joined the Board as a quid pro quo for all his cheap stock?

And finally, how will Richard White spend his time helping KYK?

To put things in context, Richard has $2,000,000 invested in KYK and $4,973,000,000 invested in WTC

Geez, i know how i would be spending my time if i were him.

This all smacks of good old fashioned stock market promotion from the KYK board.

Lion.