Not too sure about how the directors deserve these less than incentive options though....
Following shareholder approval received at the Company’s Annual General Meeting held on 19 November 2008, the Company has issued 6,100,000 unlisted options to Directors of the Company as follows:
• Dr Leon Pretorius, Managing Director – 4,300,000 unlisted options; and
• Mr Martin Kavanagh, Executive Director – 1,800,000 unlisted options.
Details of the option terms are set out below:
• The options are exercisable on or before
30 June 2011 and at an exercise price of
27.5 cents; and
• 50% of options issued to each director will vest on date of issue; and
• 50% of options issued to each director on 1 July 2010.
The company sp was at 27 ish cents only 3 mths ago. So what the management are saying is that the MD has 2 and a half years to get the stock back to where it was less than a quarter ago to be in the money.
WTF!!!
How do these people get away with this criminal activity.
Cripes, look at all these other unlisted options:
3,000,000
31/12/08 at 21.1c
2,000,000
31/12/08 at 31.1c
16,000,000
30/11/09 at 55.1
2,912,500
31/12/09 at 44.6c
2,812,500
31/12/10 at 59.6c
787,500
30/06/10 at 64.6c
787,500
30/06/11 at 74.6c
12,500,000
30/11/10 at 59.5c
5,005,000
30/06/11 at 27.5c
5,005,000
30/06/11 at 40c
3,820,000
30/06//11 at 45c
3,820,000
30/06/11 at 60c
1,375,000
30/06/11 at 27.5c
3,675,000
31/12/11 at 27.5 c
6,100,000
30/06/11 at 27.5 c