A few have mentioned the significance of knowing who the PP investors will be. From that answer will be gleaned some possibilities as to where our BOD plans on heading with this company. As mentioned by another poster, the dilution could add to the protection from hostile takeover. If the board controls the votes they can ensure that the company will reach the goals they have set out for it, and of course they will have acquired some cheap and tastey shares to boot.

If I have to look at pros for this PP I would say the main ones are Takeover protection, financial protection, potential increase to drilling speed or other infra-structure development,

I'm not saying the above is the case, just that it is a possible theory to the recent events. The potential cons to the PP are fairly much known at this point and also numerous.

Much emotion has been expressed on the board today and understandably so. The problem is that emotion doesn't belong in the same package as your best interests. At the very least think of not getting angry but getting even..... and even is getting as much as possible of what you came here for.