In principle, I've got no problem at all with share-based compensation or conversion of loans to equity. If this was proposed and approved by shareholders at the time that the share price was 2.2c, no problem at all. If the options were issued and the loan converted at the current share price, even better, because those arrangements will only generate value on the increase in share price from today.
What I've got an issue with is the effective back-dating of the conversion to lock in a significant profit for the option grantees and Jason with the conversion of his loan. This is just terrible corporate governance and should not be approved by shareholders.
Ann: Notice of Extraordinary General Meeting/Proxy Form, page-9
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