When?, page-110

I'm struggling to understand where the financial theory has gone wrong. People typically act in their own best interests, or at least what they think is their best interests. The theory is that if senior executives have a significant shareholding when they act in their own personal best interests, this will closely align to shareholders best interests due to the relative importance of their shares investment. EGR has this situation because Andrew Spinks holds directly and indirectly 14.6m shares.

A 2.5c share price movement provides the same value movement as Andrew Spinks pre-tax salary. Collecting a salary with a declining share price is costing AS because the reduces his wealth more than the salary received increases it.

So while very discomforting to be on a >50% loss (I wasn't one of the early shareholders), I've got to believe AS is making decisions that are in the best interests of shareholders even if the problems/issues are not being clearly communicated.

10 Dec 2021 director change in shareholding notice