Ann: Shareholder Update, page-3

I just read that update Vanuka and interprete the message a bit differently.
Painful but refreshing for a junior in such a situation to deliver straight talk.
Those directors aren't taking cash fees - but still need to account for some fees as subordinated loans with the company (presumably subordinated behind all other debts so they won't damage future solvency).
The reference of needing to deal with this situation at the next issue is very true - and simply means they would need to be converting loans to equity at the same price as the next issue to save cost of independent valuations and fairness reports etc.
Given shut down of head office, redundancy of exploration staff and all the other recurring costs cut to the bone, we may be surprised what Spectrum may deliver with metallurgy and new technical experts steering the studies.
Also, given the style of that recent update, it doesn't feel like this new guard will be posting hot air either.