There are some stocks that issue an Appendix 3B announcement every month or two. SAS is one of them as you can see the dates of Appendix 3B issued and how its share base has blown to 1.85b shares, with placements, rights and performance issues issued along the way.
Its share price has been on a one-way downward spiral since about exactly one year ago, having lost 60% of its value over a year.
Management and directors have >60% of the stock in 2016 and am sure they have maintained still a substantial stake with the performance shares, despite a 13% dilution. It wouldn't surprise me if the stock could scale down back to its mcap level in Dec 2016 @$121m which should give a target of 6.6c based on total outstanding shares today (possible 20% downside).
It was clear in mid-March 18 that it was a falling knife chart , having broken the 14c low on 1/12/17. It was time to go then.
