Ann: Notification regarding unquoted securities - PTM, page-3

It's astonishing that there is no sense of personal dignity, or even decency towards ones business partners, here.

On the one hand AC and EN have made a fortune from PTM over the years.

On the other hand, the company has not delivered for its minority owners. Almost to a man/women, every single shareholder in PTM is holding a loss. That's just a point of fact. For it has only delivered handsome returns and fortunes to a select group of owners (early staff/founders).

Were I in the same position, I'd take the view that until shareholders had received acceptable returns, I ought not take any excess comp nor upside participation. I note that this issuance of stock was timed exquisitely to correlate with near all-time lows in the share price. It's just rubbing dilutionary salt into the gaping wounds of minority owners/shareholders.

In summary, this looks like petty stuff, particularly for two people who are already filthy rich, whilst their partners (minority shareholders) in the very same venture have suffered large losses.

I read somewhere that Charlie Munger at the Daily Journal, once tipped in his own shares to the staff incentive pool, so as to not dilute minority holders. He took the view that he'd done fabulously well from the business, and was happy to part with some of his gains, for those who had helped earn him the windfalls. You just don't see this type of conduct at PTM. Which is an almighty shame.