"Newie, the board doesnt have a shareholding worthy of mention."
Well, Mike has over 5 million shares and 3.5 million options, and the chairman has 1.3 million shares. I don't think the others who have tiny or no holdings count for much, but Mike in particular has enough worthy of mention.
That they're taking up their full entitlement is better than the alternative - which I've seen. Then there's this par from the prospectus:
"In addition, Michael Doepel, Karen Field and David Williams (the latter two do not currently have an Entitlement) have, subject to receipt of Shareholder approval, committed, either personally or their nominees, to apply for 3,989,458 Shares and Options ($139,631), 750,000 Shares and Options ($26,250) and 1,000,000 Shares and Options ($35,000) respectively in any Shortfall, or if there is insufficient Shortfall, to subscribe for such amount of Shares and Options on a placement basis at the same price as the Entitlement Issue."
That's encouraging to me. Especially as I've been critical of management not buying shares as the price fell. Credit where it is due. Putting up $139k isn't chicken feed.
As for "We dont have to give anything away. It'll just fritter away as we do nothing." I agree it HAS frittered away while we do nothing. This is a step towards doing something. Gotta refill the coffers somehow. Much will hang on the results. Smacks a bit of going 'all in' in poker. Place your bets.
SRI Price at posting:
4.3¢ Sentiment: None Disclosure: Held
