Ann: Notice of Annual General Meeting/Proxy Form , page-15

re: Ann: Notice of Annual General Meeting/Pro... This also explains to me why there was no covenant over the Camac shares preventing ST sale and why LRL just didn't simply pay them $4.25 million in cash to start with.
It looks like they wanted to preserve their cash and get the public to pay for half of it via the share issue that would be on-sold.

It is the little things that tell the big story.

Of course this looks so bad from my perspective that they might have to make a tiny effort to buy back some shares to save face. But if they don't do it soon, they conveniently wont be able to as they will have access to price sensitive info once in the 'gas sands', and arguably this will prevent any buyback for many, many months until the buyback can be cancelled.