I think the best way to look at it is that PSR is all about profit and loss (ie. the revenue clubs make and the amount of it they spend), whereas shares impact the balance sheet - they're not revenue, they're capital, so they don't directly count...
The shares haven’t actually been issued as far as I am aware, they have just provided for an ability to issue the shares at some point in the future. There is no commitment to do so.
My point is that they are far more attractive now than they were a year ago.
So…while we may be in a better position than we were a year ago, Forest can definitely say that about themselves too.
That’s in response to you saying we wouldn’t have...
My point was we could overspend on a bunch of players we want and need but that doesn't mean it's a good deal. Overspending on trash is how we got into this position in the first place. We need to balance building sustainably
Obviously we would...