An insight as to where ATC want to head is noted in the Circular...

An insight as to where ATC want to head is noted in the Circular to Shareholders. The consolidated audited EBITDA which must be earned before M. Stewart can excercise the bulk of his options are impressive:

Yr1: US3mill
Yr2: US$12mill
Yr3: US$20mill
Yr4: US$30mill

If the company earns anywhere near US$3mill EBITDA in Yr1, why on earth would you want to place more shares to retire debt?? The quarterly indicated borrowings of around $8mill. Even at an interest rate of 10%, raising money at these giveaway prices needlessly needs more thought. One would have thought that with such earnings at year end, refinancing the debt on better terms would be a more realistic option.