The directors making themselves middlemen for the Lady Ida...

The directors making themselves middlemen for the Lady Ida transaction is not a good look, especially when they are granting themselves a fair chunk of zero risk cream via the NSR, transaction costs reimbursement, plus the debentures. It is an obvious conflict of interests.

The stupid thing is that a clean transaction would have been very positive for the share price, and they'd be well ahead as large shareholders. Instead, they've derailed BCN's upward trajectory, opened up the question of legal liability, and likely scared away institutional investors for years to come. Worst of all, they've forced the market to reckon with the future extent that they will be acting for themselves first and Beacon second.

Until this deal, I've been impressed with the directors. I hate that I have lost some confidence in them. They deserve to be paid well for their hard work and stewardship of Beacon, but they should do it the normal way, through directors' fees and by benefiting from share price appreciation, along with the rest of us.