Barge
As I get closer and closer to voting my shares I have to agree with you last point. While I wish they had made their purpose clearer -- we used to speak of a secondary IPO. If the two parts rs and as had been properly explained and voted on separately, I'd be happier.
On the other hand, if these shares are used to raise money in a secondary offering and improve the publics participation and the share price, or get used to buy other parts in a 3rd phase plan, I won't be left unhappy. As always, it comes down to do you trust management with your money. Thus far, nobody is happy because we are at half a buck. Comes the revolution and a couple of splits -- this becomes a memory of survival.