Pegasus, page-118

Love your work as always Cracker (and thanks Y for bringing it to our attention ). There's at least two interesting things for me here:

1. They were in negotiations with Pegasus at least as far back as Nov 2, well before the AGM. This helps explain the high remuneration as well as their confidence at hitting the 18.5m by the end of 2016. I guess everyone suspected something like this was the situation; this appears to be confirmation. I don't think anyone would begrudge Nick his performance shares now would they?

2. As of 01/2017 Alexium are already ahead of the full FY19E estimate by Moelis for this sector, proving how ridiculously conservative their report is. On the positive side, it means they'll need to constantly re-release their report with updated estimates as AJX blows them out of the water time and time again. Perhaps that is why Nick hasn't said anything publicly against it? A great way to under promise and over deliver which is a communication shift many have wanted to see.

Cheers,
Adrian