They get 50% of their performance share (or 5% of the company) just because we as shareholders decide to take on all the risk of our money, and back the share purchase plan??
And that could be as much as 5% of 4 bn shares if we all back the company, given before any signs that the new plan will or will not work.
Then, for doing the job they are actually being paid very well to do (from our spp money too I might add, initially), they get their other 5% of the company.
Sorry. Another greedy grad by the board of yet another failing small cap asx company that is indicative of the mentality of our market. Whether it was current management or not, the company has blown huge sums of money, made poor decision and stripped shareholder wealth. They now ask us to still support them and trust them by providing even more funds.
In return, they effectively dilute us by a further 10% and, if the company survives, we MAY recover some of our LOSSES while they have up to 400 million shares for free to immediately PROFIT from. All because of the companies mistakes.
And we wonder why there is NO support for speculative minors.
I don't see yield wasting more money on this dog now I can fully see managements agenda.
Milesy
AYN Price at posting:
0.7¢ Sentiment: ST Sell Disclosure: Held
