It's like pulling teeth without anaesthetic, but the information is beginning to leach out of medical cannabis company PhytoTech (PYL).
PhytoTech confirmed today that its foul-mouthed, short-lived director Ross Smith had been granted millions of performance rights, which can be converted into PhytoTech shares for free.
The company said the "performance milestones" had been met. For the record, these milestones stated that the stock's five-day VWAP after listing had to exceed 40c and 60c to trigger the two respective tranches of rights.
Readers will recall that Smith quit the PhytoTech board 10 days after listing - five days after the VWAP period for the rights ended - amid a host of threatening and abusive Facebook and email rants posted in his name. Smith claimed that some of these posts, but not all of them, were the work of clever hackers.
He also claimed that he stood to collect millions more performance rights if other performance hurdles were met despite no longer being an executive or director of the company.
But like most PhytoTech ASX announcements, today's offering was more notable for what it didn't say. In this case, there was no mention of whether Smith could still qualify for these additional bundles of rights.
It did seek to put an end to weeks of one piece of damaging speculation by stating that Smith had resigned as a consultant to the company.
Given that PhytoTech had never admitted that Smith had been employed as a consultant in the first place, some may find this curious.
In announcing Smith's departure from the board on February 2, and again in a letter to shareholders 10 days later, PhytoTech chairman and Steinepreis Paganin partner Peter Wall thanked Smith for his contribution to the company. But there was never a mention of his ongoing role as consultant.
Today's announcement, as well as containing no reference to the issue of Smith's additional performance rights, says nothing about whether Smith has or will receive any payout in relation to his departure as either an executive director or a consultant.
Perhaps those matters will be addressed in an announcement in a few weeks.
PhytoTech confirmed today that its foul-mouthed, short-lived director Ross Smith had been granted millions of performance rights, which can be converted into PhytoTech shares for free.
The company said the "performance milestones" had been met. For the record, these milestones stated that the stock's five-day VWAP after listing had to exceed 40c and 60c to trigger the two respective tranches of rights.
Readers will recall that Smith quit the PhytoTech board 10 days after listing - five days after the VWAP period for the rights ended - amid a host of threatening and abusive Facebook and email rants posted in his name. Smith claimed that some of these posts, but not all of them, were the work of clever hackers.
He also claimed that he stood to collect millions more performance rights if other performance hurdles were met despite no longer being an executive or director of the company.
But like most PhytoTech ASX announcements, today's offering was more notable for what it didn't say. In this case, there was no mention of whether Smith could still qualify for these additional bundles of rights.
It did seek to put an end to weeks of one piece of damaging speculation by stating that Smith had resigned as a consultant to the company.
Given that PhytoTech had never admitted that Smith had been employed as a consultant in the first place, some may find this curious.
In announcing Smith's departure from the board on February 2, and again in a letter to shareholders 10 days later, PhytoTech chairman and Steinepreis Paganin partner Peter Wall thanked Smith for his contribution to the company. But there was never a mention of his ongoing role as consultant.
Today's announcement, as well as containing no reference to the issue of Smith's additional performance rights, says nothing about whether Smith has or will receive any payout in relation to his departure as either an executive director or a consultant.
Perhaps those matters will be addressed in an announcement in a few weeks.