Richland accepts KNL terms, page-18

Sunlover, if management were really trying to hold down the price for their share plan, then they would have just done it back pre CR. Also, note that the "5 trading days up to and including the actual date of acceptance of the Employee Shares offered under the Offer" time period hasn't actually happened yet. The share price is just doing it's thing by itself at the moment while people await the next series of announcements.

Bragg, the loan can be forgiven, and the interest rate is nil (apart from if there are any FBT issues, in which case the employee pays the FBT equivalent). Essentially, the security is the shares themselves, but the loan is non-recourse apart from the shares. Essentially, those holders have a free upside, with no downside. Having previously been in a Big 4 bank as well as a small private company with similar offerings, these structures are nothing untoward. I don't know the exact reason between this choice versus the "option" method, but the end result is roughly the same, which is that management are aligned to grow the share price. I'll also add, there are management/board as well as their families who have purchased shares with cash. They already have significant stakes in the company, and have had for some time.