"So if anything, it is a statement of either:- their own dim...

"So if anything, it is a statement of either:
- their own dim view of their imminent future prospects.
- a plan for a deeply discounted grab at equity for a favoured partner/investor(s) (the 'right' kind, not the pesky retail sort) in the face of a bullish scenario."

Asteroider .......

I think between us we have articulated both sides of the argument.

You have a very pessimistic view and I am more neutral to positive and believe that the reasons for the placement may lie outside of the two scenarios you have listed here.

I reiterate, why don't you just call Ken and express your concerns?

As a shareholder with a valid question/concern you are within your rights to ask for clarification.