"The securities being issued are Share Appreciation Rights (SARs) with various vesting conditions to be achieved over four years, are exercisable between $0.490 and $0.565 and have a term of three years after vesting."
As already noted by others, there are various vesting conditions or KPIs that will need to be hit in order for the SARs to vest in him or his nominee.
My reaction was positive on the basis that he has substantial mining CFO experience and particularly in South America. We need a qualified/experienced CFO who has dealt with top tier operations if we want to reach that sort of level.
The appointment is part of going to the next stage of our evolution. When AGY is sitting at $2-something a share we will all be happy to congratulate him on having made a killing. Speaking of which, the boss must have a bank account with 9 digits in it now, given the extent of his controlled holdings. I think we will all be even happier for him when the account is well on its way to 10 digits.
The work of the AGY team is changing our lives and I think the addition of the new CFO will continue that upwards trajectory. It's positive news.
AGY Price at posting:
74.0¢ Sentiment: Buy Disclosure: Held
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